Signature snaps up €60m building

AN Irish property company has snapped up a building in Hamburg for €60 million.

Signature Capital, run by Ciaran McNamara and Enda Woods, is already a major player in the German property market.

The acquisition of the Raffay Smart City building in Hamburg brings the value of its portfolio to more than €400 million.

The Raffay Smart City building, built in 1999, is let to seven tenants, including Peugeot, Smart and UCI Multiplex, with average unexpired lease lengths of 17 years.

Mr McNamara said the latest purchase has a very attractive yield of 6.79%.

Signature Capital recently raised in excess of €50m of equity from private clients to co-invest in German commercial property, which with bank debt will create a portfolio value of €250m.