German fund manager Warburg-HIH Invest Real Estate has acquired an office and administrative property development in the district capital of Bergheim near Cologne from project developer the Tecklenburg Group.
Financial details were not disclosed.
Tecklenburg developed the project and is now constructing the building, targeting DGNB Gold certification for the scheme.
The property has been let in its entirety on a 20-year lease to the State of North Rhine-Westphalia, acting on behalf of the district police authority of the Rhine-Erft district.
The lettable area of the new building, which is located on Sportparkstrasse, approximates 12,100 m2. In addition, there are about 340 parking spots on the plot of around 21,600 m2. The property is earmarked for an individual fund managed by Warburg-HIH Invest.
Hans-Joachim Lehmann, managing director of Warburg-HIH Invest, said: 'We were able to secure the office scheme for our investor early on in the development phase.
'Since the property is let to a blue-chip tenant who is loyal to the location, it will generate stable long-term income streams. Moreover, the configuration of the floor plans implies a high alternative use potential that would permit converting the building for multi-tenant occupancy.'
The property benefits from convenient transport links, and is centrally located within the Cologne/Bonn region, according to Warburg HIH.
The property was planned by JBR-Partner Rotthoff-Nienhaus Architekten, an architectural firm based in Münster. The estate agency Blackbird Real Estate from Königstein acted as broker for the seller side.
The legal and tax due diligences for Warburg-HIH Invest were conducted by Ashurst. Drees & Sommer SE handled both the technical and the environmental due diligence.
