Real estate asset manager AEW Ciloger has acquired an office asset in Dortmund, Germany, from Cording Real Estate Group.
Financial details were not disclosed.
The deal was carried out on behalf of the OPCI Franceurope Immo Fund, representing its first acquisition in Germany, while Cording acted on behalf of its LQG Landmark Partnership.
The office property at Semerteichstrasse 47-49 comprises a total lettable area of 10,000 m2 across six storeys. The asset was comprehensively refurbished and expanded in 2017.
It is fully let on a 15-year lease to the Bundesanstalt für Immobilienaufgaben, a German government agency in charge of providing property services to state entities.
Franceurope Immo is an OPCI for private clients (SPPICAV), with a diversified portfolio comprising both direct property investments (60-65%) and investments in financial instruments (30-35%).
AEW Ciloger was advised by Clifford Chance and Jones Lang LaSalle, while Cording was advised by BNP Paribas Real Estate and Herbert Smith Freehills Germany.
