IFM Immobilien has sold its Office Tower scheme in Darmstadt, Germany to investors from the Rhine-Neckar metro region for an undisclosed amount.
IFM Immobilien has sold its Office Tower scheme in Darmstadt, Germany to investors from the Rhine-Neckar metro region for an undisclosed amount.
The 12-storey scheme, also known as Menglerbau, provides retail accommodation on the ground floor and offices on the upper levels. The asset offers a gross lettable area of around 8,000 m2 and was completely refurbished in 2003, according to plans by Swiss architect Max Dudler.
'The disposal of Office Tower is part of our ongoing portfolio optimisation,' said Volker de Boer, CEO of IFM. In December 2012, IFM sold its Romeo and Julia property and in August it divested the Zeilgalerie shopping centre.
'In the coming months, we are planning to sell more of our portfolio properties parallel to the realisation of our ongoing projects,' added De Boer. 'On top of that, we are looking into opportunities for new project development investments in Germany's "Big Five" cities.'
