Global investment giant AEW has acquired Schiessstraße 61, a fully occupied, multi-let office building located in the office submarket of Linksrheinisch in Düsseldorf, Germany.
The asset was acquired on behalf of one of AEW’s funds. Financial details were not disclosed.
The five-storey building, which comprises 4,400 m2 of flexible rental space was originally built in 1953.
In 2021, a renovation was undertaken including modernising the entrance hall and staircase, and installing energy saving (LED) lighting. The asset is fully let to several credit-worthy tenants across a range of industries including telecommunications and engineering.
Matthieu Samaran, executive director of investments at AEW, said: 'This acquisition is aligned with the fund's strategy of selectively investing in quality assets in good locations that offer stable returns over the long term.
'Schiessstraße 61 is fully-let to a diversified tenant base and therefore offers secure, long term income.
'In addition, we were impressed by the asset’s strong location in the dynamic and emerging area of Linksrheinisch, host to a number of new residential developments, which will see it transformed into a vibrant destination for living and working.'
According to AEW, Schiessstraße 61 benefits from strong transport links, with the metro station Löricker Straße located directly opposite the building, linking to the city centre within 15 minutes.
Additionally, the new metro line U81 is expected to open in the coming years, connecting the location to the airport. Linksrheinisch is a popular destination for offices and serves as a hub for the IT and telecommunications industry.
AEW was advised by Noerr, JLL and Nova Ambiente.
