Germany's Quantum Group has announced the acquisition of the MIK office complex in Düsseldorf on behalf of a consortium of Korean institutional investors led by Capstone Asset Management.
Financial details were not disclosed. However, German press reports put the deal price at around €240 mln.
The office complex consists of six buildings with different completion years from the 1950s to 1997. They provide 53,000 m2 of lettable space which was entirely refurbished in 2014. The property is 100% occupied by the Ministry of Interior of North Rhine-Westphalia with an average lease term of 17 years.
The transaction was structured and completed by the Hamburg-based Quantum Group which will also serve as asset manager.
This is the fourth acquisition to be carried out in Europe by South Korean asset manager Capstone. In total, the group has spent over €650 mln on the Continent across two office assets in Germany and two logistics buildings in the UK.
Clifford Chance advised the buyer. CBRE executed the structured sales process.
