PGIM Real Estate, the real estate investment management business of Prudential Financial, has purchased a fully-let office building in Dusseldorf from Europa Capital and PBG Frankfurt.
Europa Capital acquired the 16,800 m2 Cubus office property together with the adjacent Innside Hotel in 2013, before fully refurbishing the asset. It is currently let to 16 tenants and recently restructured the lease with its largest occupier, Adecco. The price was not disclosed.
'We are pleased to have completed another successful realisation, our fifth to date, from Europa Fund IV, whose acquisition programme was completed in April 2016,' commented Nic Fox, partner and head of Middle Europe at Europa Capital. 'Despite significant vacancy in the Seestern office sub-market, our prudent stock selection and asset management initiatives allowed us to attain 100% occupancy and to create an institutionally-appealing asset that should continue to out-perform its competitive set.'
Innside Hotel was sold to Quadoro on behalf of Vescore Sustainable Real Estate Europe, an open-ended real estate fund, in February 2017.
Europa Capital established a partnership with PBG in 1999, since when the two firms have executed over €600 mln of investments in Germany.
The Dusseldorf-based agent Anteon, together with Clifford Chance, advised the seller.
The buyer was advised by Blackbear Real Estate, a local investor and asset manager.
