Europi Property and Silverton’s newly created German office investment venture has acquired its first asset.
The partnership has invested an undisclosed sum to buy the Silizium office building in Dusseldorf from an Amundi Real Estate-managed fund.
The sale was supported by local management partner IC Asset Management.
The fully-occupied Silizium building, located at Hansaallee 205, provides around 15,400sqm of office space. The building was constructed in 2014.
Sebastian Steinert, Silverton authorised signatory and regional head of North Rhine-Westphalia, said: “By purchasing Silizium, we have succeeded in acquiring a premium property in an attractive and gentrifying Dusseldorf submarket, shortly after the establishment of the joint venture.
“From an ESG point of view, a very important factor for us was that the building already has DGNB Silver certification and we aim to achieve an increase to a DGNB Gold standard by implementing appropriate measures.”
Jonathan Willen, CEO of Europi Property, said: “We’re delighted to acquire our first asset in Germany with Silverton, as part of a wider strategy to grow a portfolio of Grade A offices in Germany’s top cities.
“Silizium meets modern occupier requirements and has a good environmental footprint, which we look forward to improving further under our stewardship. Our joint venture with Silverton is actively seeking similar opportunities to grow the portfolio.”
Back in January, asset manager Silverton and Europi announced their partnership to invest €200m in German office properties.
The companies said the newly created joint venture will target properties in and around the top seven German cities, together with select, growing “B-cities” across the country.
The lot size of the properties to be acquired is expected to be between €20m and €80m.
At the time, the companies said the venture has already agreed to buy its first asset for a “mid-double-digit million euro”.
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