Warburg-Henderson KAG, a joint venture of German private bank M.M.Warburg & CO and British asset manager Henderson Global Investors, has sold an office building in Dusseldorf to Real IS for an undisclosed amount.
Warburg-Henderson KAG, a joint venture of German private bank M.M.Warburg & CO and British asset manager Henderson Global Investors, has sold an office building in Dusseldorf to Real IS for an undisclosed amount.
The modern office complex located in the vicinity of the city centre provides around 18,900 m2 of rentable office space, a further 3,500 m2 in archiving space, as well as 360 parking spaces. The asset is fully leased with a 15-year rental agreement to the German state, and houses the office of the Düsseldorf city district.
Real IS said that the property is earmarked for a new closed-end German property fund which will come to the market in the second quarter of 2010. The company did not disclose other details.
The transaction comes shortly after Warburg-Henderson's acquisition in December of the Nervion Plaza shopping centre in Seville for around EUR 94 mln, or a gross yield of 7.6%. The fully-let shopping mall was bought from the Spanish property company Realia and provides around 16,000 m2 of retail space with 1,300 parking places. It represented the company's first purchase in the country. 'We have used the strong price decline in the Spanish real estate market for an anti-cyclical investment', said Eitel Coridaß of Warburg-Henderson.