La Française acquires German office property from Real IS fund

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.

 

Related images

  • Rüttenscheider Strasse

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2548

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 300-400m.
    Closing date: 2019-07-30.

  • QN-2549

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 300-700m.
    Closing date: 2019-07-30.

  • QN-2550

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2551

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2552

    Asset class: Fixed Income, High Yield (Active).
    Asset region: High Yield (US).
    Size: CHF 500-600m.
    Closing date: 2019-07-29.

  • QN-2553

    Asset class: Fixed Income, High Yield (Passive or Passive Enhanced).
    Asset region: High Yield (US).
    Size: CHF 500-1'100m.
    Closing date: 2019-07-29.

  • QN-2554

    Asset class: Global Real Estate (Equity, unlisted Funds).
    Asset region: World (ex-Switzerland).
    Size: CHF 200 mn (potential for further growth).
    Closing date: 2019-08-07.

  • QN-2555

    Asset class: Real Estate.
    Asset region: European.
    Size: EUR 50 - 100 million.
    Closing date: 2019-07-22.

  • QN-2556

    Asset class: FX Hedging.
    Asset region: Global.
    Size: Mandate size of CHF 1.5 bn.
    Closing date: 2019-08-09.

  • QN-2557

    Asset class: All/large Cap Equities.
    Asset region: China A-shares.
    Size: Unit linked platform (0m USD in initial investment).
    Closing date: 2019-08-01.

Begin Your Search Now