Quadoro Investment, the capital management arm of the Doric Group, has acquired the innovation district of Göttingen, central Germany, for the Quadoro Sustainable Real Estate Europe Private open-ended mutual fund.
It was agreed not to disclose the purchase price.
The innovation quarter in the university town of Göttingen comprising seven buildings, was built in 1950, 1965 and 1975 and restructured into an innovative technology and service centre in the course of a multi-year revitalisation and redevelopment in the 2010s.
The total rental space of more than 11,000 m2 is currently used for offices, trade, storage, a kindergarten, training rooms and event areas. The quarter's portfolio also includes a plot of land measuring around 1,500 m2, which will enable further expansion of the quarter, as well as 140 parking spaces.
The area is currently rented to 14 parties. The main tenants are a leading provider in the field of POS digitisation, a design and manufacture company for measuring devices and a telecommunications company.
Michael Denk, managing director of Quadoro Investment, said: 'We are pleased to further diversify Sustainable Europe with a real estate ensemble in Germany. The fund now has 16 properties in six European countries.'
The properties meet the sustainability requirements of the fund and, in particular, have above-average energy efficiency. Nevertheless, various measures are planned to improve sustainability, e.g. the conversion of conventional lighting to LED and the establishment of additional bicycle parking spaces.
The transaction was brokered for the seller by the consulting and project development company EBR based in Göttingen, which was also responsible for the overall revitalisation and redevelopment of the innovation district in recent years. The company is also a tenant in one of the buildings in the district.
