Redevco's Services Deutschland unit has sold the Metropolitan office building in Düsseldorf to Hines' Pan-European Core Fund (HECF), a vehicle owned by international real estate investor and developer Hines.
Redevco's Services Deutschland unit has sold the Metropolitan office building in Düsseldorf to Hines' Pan-European Core Fund (HECF), a vehicle owned by international real estate investor and developer Hines.
The building, developed by Redevco and completed in 2003, offers 7,000 m2 of leasable area spread over seven storeys. The office building is fully let under long-term leases, one of the tenants being Redevco itself. The parties have agreed not to disclose details of the selling price.
Colliers Trombello Kölbel and Hogan Lovells advised Redevco in the sale. Hines Immobilien handled the sale on behalf of HECF, and will also be responsible for managing the property.
The acquisition sees Hines' return to the Düsseldorf real estate market for the first time since it completed and sold Benrather Karree in 2003. 'Düsseldorf will play an important role in Hines' expansion strategy going forward. We will be looking for both well-let properties and opportunities for project development,' said Christoph Reschke, managing director of Hines Deutschland.
The disposal reflects Redevco's strategy for the coming years to further upgrade the portfolio and focus on retail in prime locations and market-dominant shopping centres. Redevco plans to sell its sub-portfolios in office and logistics properties over the next three to five years.
