German property firm Quantum has purchased the Duo office complex in the eastern part of Düsseldorf in an off-market deal.
Quantum, which is also taking over the asset management, bought the property for an undisclosed amount from US-based Harbert Management Corporation's European Real Estate Fund IV. The property was managed by DW Real Estate.
Harbert bought the asset in 2008 from Deka Immobilien. The Duo complex consists of a low-rise building and a skyscraper of 18 floors with a total rentable space of 34,300 m2 and 441 parking spaces.
The buildings were developed in 1993, with the low-rise building refurbished in 2012/13. The property is multi-let to three occupiers - Ubisoft, Air Liquide and Douglas.
Arndt Buchwald, managing director of Quantum Immobilien Kapitalverwaltungsgesellschaft said: 'As an important educational and business location, Düsseldorf is a very popular investment destination in Germany. In this highly competitive environment, we are all the more pleased that we were able to secure this attractive investment for our long-term investors off-market.'
Colliers brokered the deal.
