Savills, on behalf of Le Masurier, has sold the office and laboratory building, HENRI, in Erlangen, Germany to French SCPI, Transitions Europe, managed by Arkéa Real Estate Investment Management, for €12+million. Sienna Investment Managers acted as Investment Manager for Arkéa Real Estate Investment Management. Le Masurier is one of Jersey’s oldest and largest commercial property companies with property investments located throughout the United Kingdom and Jersey, and this was their remaining German asset.

The property has a total gross floor area of 5,180 sq m and is let on a long-term basis. The sole tenant is a leading international life science company. The asset is located at the southern end of the Siemens Campus, to the south of the city centre.

Philipp Traumann, Associate Director, Investment at Savills Germany, says: “The Siemens Campus in Erlangen is currently undergoing an exciting phase of restructuring and we are delighted to have completed this deal on behalf of our client. French SCPIs are one of the most active buyer groups in Germany at present and they are increasingly looking for properties with longer leases in A, B and C cities across the country.”

Gavin Booth, Head of Group Property, Le Masurier commented: “This asset has been a successful long term investment for the Group, and the sale completes our strategic exit from the German market.”