Corestate Capital Holding’s Hannover Leasing acquired the office space of the Johannis-Quartier city quarter development in Chemnitz, Germany, for a closed-end special funds for institutional investors such as German savings banks and insurers.
The asset for bought for €70 mln from developer FAY Projects GmbH, based in Mannheim.
Hannover Leasing is also responsible for asset management for the property, which is almost exclusively leased to regional energy provider eins energy in sachsen GmbH & Co. KG with a fixed term of 25 years.
The Johannis-Quartier project comprises office space and a hotel. The office space acquired by Hannover Leasing features six floors above ground and two below ground level, offering a total rental area of 14,200 m2 and parking spaces for roughly 300 cars in an adjoining parking lot with above-ground and underground parking.
The handover is scheduled to be made following project completion, which is planned for the end of 2021.
Nils Hübener, CIO of Corestate said: ‘This marks a systematic continuation of our focus on city quarter products and the further intensification of our investment activities in this core segment. We currently have a range of exciting projects in the pipeline that will allow us to actively shape the way people live and work in major German cities.’
‘This is a top-quality property with a long-term cash flow profile and an outstanding tenant. The Johannis-Quartier is an attractive and sustainable investment for our institutional clients, once again underlining our expertise and first-rate market access,’ said Sebastian Hartrott, managing director of Hannover Leasing.
