European investment manager HIH Invest has bought the landmark Dreischeibenhaus in the German city of Düsseldorf as part of a club deal with other institutional investors.
The group purchased the 26-storey tower from the Schwarz-Schütte family, who will remain invested in the investment structure, HIH Invest said in a statement. The purchase price was not disclosed.
Completed in 1960, Dreischeibenhaus was listed in 1988 as a historic monument, deemed an icon of German post-war modernism and a fine example of the international style of architecture.
The Schwarz-Schütte family comprehensively refurbished the building in 2014, and, LEED Gold certified, it is now almost fully let. Tenants include Hogan Lovells, Gleiss Lutz, DLA Piper, A&O Shearman, Kearney, Jones Lang LaSalle and LGT Bank.
Felix Meyen, managing director of HIH Invest, said the acquisition marked an investment in one of Germany’s most distinctive office properties.
“Its combination of a central location in Düsseldorf’s [central business district], high building quality, long-term leases and a diversified tenant mix makes the property an attractive investment for institutional investors,” Meyen said. “In addition, the property benefits from tenants’ growing focus on prime locations and premium fit-outs, which is driving stable demand for high-quality space, particularly in the top office markets.”
Situated in Düsseldorf’s central business district, the submarket is one of the state capital’s most attractive office locations and benefits from consistently high demand for premium office space, HIH Invest said.
“The Dreischeibenhaus has been a key part of our portfolio for many years,” added Patrick Schwarz-Schütte, CEO of Black Horse Properties. ”In HIH Invest, we have found a long-term partner that shares our appreciation of the property’s exceptional quality and significance. Through our investment, we will remain associated with the property going forward.”
Legal and tax due diligence was carried out by Ashurst LLP. Drees & Sommer was responsible for technical and ESG due diligence. BNP acted as broker on behalf of the seller.
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