Listed German investment manager Patrizia Immobilien has acquired an urban quarter in the city centre of Mülheim an der Ruhr for an undisclosed sum.
The vendor was sold by a joint venture of Fortress Immobilien, GRS Beteiligungen and Competo Capital Partners.
The asset, purchased by Patrizia for a new private investor fund, features offices, medical practices, care facilities, retail, gastronomy, leisure facilities and parking on a total rentable area of 32,420 m2.
'This acquisition is characterised by a broad mix of properties as well as an attractive tenant mix in a very good central location,' commented Joachim Fritz, managing director of Patrizia GrundInvest.
'For the new private investor fund, which is expected to be placed in the second half of 2018, we aim to raise equity of around €41.5 mln for private investors who can expect projected annual disbursements of an average of 5% before tax,' added Andreas Heibrock, managing director of Patrizia GrundInvest. Initially, the fund will have a duration of approximately 10 years.
Key tenants include the city of Mülheim and Alloheim, while Tristar plans to operate a Holiday Inn Express hotel out of the property. The asset is currently being redeveloped in a central inner city location of Mülheim on the former Kaufhof site and is expected to be finished by the end of 2018 or early 2019.
