Warburg-HIH Invest Real Estate has bought an office development in Germany from Kreer Group.
The manager has acquired the Kopernikusquartier property development in Heidelberg for an undisclosed sum on behalf of a fund.
The five-storey building which is expected to complete by the end of 2023, has around 5,850sqm of office space and around 1,020sqm of retail units.
Hans-Joachim Lehmann, the managing director of Warburg-HIH Invest, said: “We managed to secure this attractive investment opportunity through an off-market deal early on.
“The current trend toward generously-proportioned interiors with modern fit-out as seen in the case of Kopernikusquartier actually gathered momentum during the COVID-19 pandemic, and accommodation of this quality is very much in demand among tenants.”
Florian Kreer, managing director of the Kreer Group, said: “Having acquired a property from Warburg-HIH Invest in 2019, we are rather pleased with this latest transaction, during which we swapped roles. Warburg-HIH Invest is a sophisticated office real estate investor, and it is nice to see that our project in Heidelberg’s Bahnstadt district will be in good hands.”
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