Germany's Catella Real Estate has acquired the Rüttenscheider Tor office building in Essen from a closed-end German real estate fund.
Financial details were not disclosed.
The six-storey property at Alfredstraße 220 / Messeallee 2 comprises a total rental area of 10,700 sm2, including an underground car park with 174 spaces. It was completed in 2009 and has a DGNB silver certification. It is rented to tenants in the areas of legal and tax advice, financial services, insolvency administration and personnel services.
The transaction represents the initial investment for an individual mandate from a German pension fund, namely the newly launched special fund, AVW European Real Estate Fund.
Fabian Pick, portfolio manager of the fund, said: 'The purchase of the Rüttenscheider Tor office building fits perfectly into the profile of the investment fund and successfully implements the fund strategy of investing in established locations and regional investment centres.
'Due to the high occupancy rate at a moderate rent level and a broad tenant mix, the fund has a sustainable, stable cash flow.'
The buyer side was supported legally and tax-wise by the law firm Linklaters and technically by Arcadis Germany. The seller was advised by Jones Lang LaSalle and DLA Piper UK.
