Patrizia Immobilien has acquired two buildings at a technical university in the German city of Aachen for around €40 mln to seed a new fund.
Patrizia Immobilien has acquired two buildings at a technical university in the German city of Aachen for around €40 mln to seed a new fund.
The investments are located on the campus of RWTH Aachen in the German state of North Rhine-Westphalia. The vendor was developer Landmarken.
Both properties are six storeys high and serve two ‘research clusters’, one specialised in smart logistics, the other in photonics.
The smart logistics building was completed in 2014 and offers a rental area of 9,500 m2. The photonics building covers around 7,200 m2 and is due to complete at the beginning of 2016.
The properties, with a combined value of €40 mln, will be added to Patrizia Grundinvest, a fund for private investors that is due for placement at the beginning of 2016.
'RWTH Aachen is one of just eleven "universities of excellence" in Germany. The innovative campus model offers first-rate investment opportunities,' said Andreas Heibrock, managing director of Patrizia Grundinvest.
