Global real estate investment manager Barings has acquired Medienzentrum, a 15,700 m2 office building in the MedienHafen (media harbour) district of Düsseldorf, on behalf of a pan-European core strategy.
The seller is Blue Colibri Capital Partners Fund II SCA, a Luxembourg-based Sicav-SIF.
Financial details were not disclosed.
Sascha Becker, managing director and country head real estate Germany at Barings, said: 'This was an exciting opportunity to acquire a prominent office property with extensive upside potential for our core strategy and is the second office asset in a creative and media hub that we have acquired this year following our acquisition of the Mediapark 6 in Cologne in August.
'As part of our worldwide ESG strategy, we will undertake specific measures for Medienzentrum in order to create a sustainable and future-proof asset.'
The property located at Zollhof 11-14 / Kaistrasse 7-8 comprises more than 12,000 m2 office space, along with event and F&B accommodation.
It also features a number of terraces overlooking the harbour, as well as 337 parking lots in the underground car park.
The eight-storey asset was built in 1995 and has since been refurbished. Tenants include the Culture Office of the City of Düsseldorf, Wacom, a specialist for digital ink, as well as software company, Infor and advertising distributor, Seven.One Media.
Gunther Deutsch, managing director Germany and head of Europe real estate transactions, added: 'This building represents exactly the type of asset we are looking to acquire in Germany and across our six other jurisdictions across Europe: core properties with the opportunity to improve cash flow over a medium- to long-term holding period.
'We are strong believers in well-located office locations. Aside from offices, we also see opportunities in the residential and logistics sectors.'
The transaction was brokered by Colliers. Barings was advised by Ashurst (legal) and TA Europe (technical).
