German insurer R+V is reportedly the buyer of Project Mizal in Düsseldorf’s Plockstrasse.
According to German news website Thomas Daily, the 36,800 m2 office development is being sold for €260 mln, in line with the initial asking price.
Located on the edge of the city’s Medienhafen, the scheme was put on the market last autumn by Belgian developer Codic for €260 mln. The asset was entirely prelet in the summer to WPP Deutschland on a 15-year lease. JLL advised the tenant and the scheme is due for completion in Q4 2021.
R+V and Codic declined to comment.
The asset is the only one to have traded among €1 bn of assets put up for sale last autumn in the German city. They included Quantum Immobilien’s Heinrich-Campus, which was marketed by Colliers International for €250 mln-€275 mln; Capricorn House, which is the home of E.ON. and was on the market for €180 mln; the mixed-use Kö-Galerie on Königsallee, which was for sale for €360 mln as well as Art-Invest’s Hotel Nikko, marketed for €170 mln.
