Real estate investment manager Corestate has sold Limes Park in Sulzbach near Frankfurt am Main in Germany to Quantum Immobilien for an undisclosed amount.
Limes Park is an ensemble of six buildings, which were completed in the years 1991 and 1992. The diversified plot comprises a total of 22,300 m2 of rental space. Around 13,000 m² of this total area is used for offices, and the remaining 9,300 m2 is available to tenants from various industries as individually tailored storage, workshop and office space.
Corestate has held the property since 2018 in the AIF 'Opportunity Deutschland I' open-ended special fund, which focuses on residential and commercial real estate and is predominantly aimed at institutional investors. The fund volume, which currently boasts a portfolio of approximately 13 properties, stands at around €400 mln.
Nils Hübener, chief investment officer at Corestate, said: ‘Thanks to our many years of experience in active asset management, we were able to take the Limes Park in the sought-after location near Frankfurt and turn yet another property into a very successful investment for our institutional clients. The Opportunity Deutschland fund I is primarily invested in pension funds, for whom we offer exactly what they are looking for - namely a constant basic return from rental income.’
‘The purchase of Limes Park complements our light industrial portfolio perfectly. The property is located in the middle of the Rhine-Main region, which we classify as a future-proof region with a sustained high demand for light industrial real estate. The location also boasts excellent transport links, a crisis-resistant mix of tenants from the fields of research and technology, an attractive return and potential for future value growth, with the result that Limes Park meets all of our investment goals,’ added Arndt Buchwald, managing director at Quantum Immobilien KAG.
Apollo real estate GmbH & Co. KG brokered the deal.
