An investor group including Mercer Street Capital and BBRE Bochum has acquired the former Krupp skyscraper on Alleestraße 165 in Bochum from Northern European asset manager Cording Real Estate Group.
Financial details were not disclosed.
The nearly fully leased city landmark comprises almost 11,500 m2 of lettable space. The investor group said it planned to refurbish the building and add further value through the development of new buildings on the 25,000 m2 plot.
'Since acquiring the property three years ago, we have pursued an active management approach that has led to stable income of the property and significantly increased its attractiveness for investors,' said Siegfried C. Fernitz, managing director of the Cording Real Estate Group.
'Due to the very positive economic development of the city of Bochum in recent years and the current market situation, we have now decided to sell.'
Mercer Street Capital said it completed the acquisition process through its digital transaction platform immorocks using a virtual data room from modular cloud software provider Cloudbrixx.
Tobias Schultheiss, managing partner of Blackbird Real Estate, which collaborated with Mercer Street Capital, said that the deal marked the 'first self-initiated co-investment' for Blackbird.
