Real IS, the property arm of German lender BayernLB, has acquired a multi-tenant office building in Düsseldorf from Cologne-based project developer Pandion.
Financial details were not disclosed.
The property, dubbed Pandion Francis, was completed in 2021 and is located at Immermannstrasse 20 on the site of a former Franciscan monastery.
It comprises a total area of more than 5,400 m2 – roughly divided between 5,100 m2 of office space and 300 m2 of catering facilities – on a total of fourteen floors. There are also 58 underground parking spaces for tenants. The new building was designed by Cologne-based architects Römer Kögeler and Partners.
Axel Schulz, global head of investment at Real IS said: 'Pandion Francis is a modern office building that offers flexible business premises in an outstanding location right in the centre of Düsseldorf. As such, it is an ideal match for the rest of our portfolio.'
Real IS acquired the asset for the open-ended specialised alternative investment fund BGV VIII, which is aimed at institutional investors.
Pandion Cologne branch manager Klaus Küppers said: ‘As a business location, Düsseldorf has a reputation for excellent infrastructure. It provides unrivalled benefits for a wide range of companies. Against this background, Pandion Francis is a perfect fit. The sale marks another success for our commercial project development business in North Rhine-Westphalia.'
The transaction was conducted on an off-market basis. Anteon acted as agent and advisor for Pandion.
