Private equity firm Carlyle Group has announced the acquisition of a prime development site in Dusseldorf from an open-ended fund owned by German investor Deka ImmobilienFonds. The company did not disclose the investment amount.
Private equity firm Carlyle Group has announced the acquisition of a prime development site in Dusseldorf from an open-ended fund owned by German investor Deka ImmobilienFonds. The company did not disclose the investment amount.
Located in the city centre of Dusseldorf, the building has a lettable area of around 8,400 m2. In a statement, Carlyle said it plans to demolish the existing scheme following the end of all tenancies in August 2009 and construct a new modern office building with roughly 14,000 m2. Hamburg-based German architect André Poitiers has designed the project for the new building.
'We are very pleased that we were able to acquire this excellent development site in a very attractive location facing the Rhine River in Dusseldorf. As the region is one of the economically strongest and most stable in Germany we are confident that we can take advantage of the good prospects for redevelopment,' said Wulf Meinel, managing director of Carlyle.
The financing was provided by NordLB.
Carlyle's real estate funds have invested in 600,000 m2 of German office, retail and logistic real estate to date. The firm's latest European real estate fund, Carlyle Europe Real Estate Partners III (CEREP III) was recently closed at EUR 2.2 bn.
