AEW has acquired an office building in the German city of Wiesbaden on behalf of a French institutional investor.
The office building, part of the Kureck development in Wiesbaden’s Central Business District, is fully let to the Federal State of Hesse’s ministry for social affairs and integration on a fixed 20-year lease.
‘This asset is an attractive investment proposition, being a Class A development in a prime location in a German city that is showing strong underlying fundamentals, combined with a 20-year, inflation-linked, bond-like income stream,’ said Gereon Kohlgrüber, head of investments Germany at AEW Europe.
The building is in an area that is being developed and has good potential, said Volker de Boer, CEO of project developer IFM Immobilien: ‘The purchaser will obtain a truly outstanding property in Hesse’s capital which is set to deliver a strong performance over the next few years. It represents the initial phase of one of the biggest and most important project developments in the whole Rhine/Main area.’
IFM’s Kureck development in Wiesbaden is a project which includes over 16,000 m2 of offices, 23,500 m2 of residential and 6,500 m2 of hospitality space in Hesse’s capital city.
AEW, which has €50bn of assets under management of which €19.3bn in Europe, is the real estate management platform of Natixis Global Asset Management.
