La Française Real Estate Partners International has bought a German office property from a fund managed by Real IS, the companies announced today.
The eight-story office property located at Rüttenscheider Straße 1-3 in Essen was acquired on behalf of a La Française collective real estate investment vehicle from the DB Real Estate CityInvest Berlin, Düsseldorf, Essen fund
Financial details were undisclosed.
The fully-let 22,506sqm office building was built in 1960 and refurbished in 1994.
Jens Goettler, managing director for Germany, La Française Real Estate Partners International, said: “Beyond the architectural qualities of the construction itself, its prime location in Essen, home to three DAX corporations and where the local economy is experiencing intensive growth, should contribute to supporting durably tenant demand.”
Jochen Schenk, CEO of Real IS, said the office building in Rüttenscheider Straße was the fund’s last property to be sold.
“Thanks to our active asset management we were able to renew the rental agreement with our tenant on a long-term basis.
“This has enabled us to create upside potential for our investors,” Schenk said.
The closed-end DB Real Estate CityInvest Berlin, Düsseldorf, Essen was launched in 2004 and was invested in a total of three properties. The properties in Berlin and Düsseldorf were sold back in 2015 and 2016.