German investment manager Warburg-HIH Invest Real Estate has acquired a new-build office and retail complex in the German city of Aachen.
Financial details were not disclosed.
The asset, dubbed Pick-Up at Quartier Nord, is a six-storey building with more than 5,000 m2 of office and restaurant space, plus 73 car parking spaces. The property was built by Landmarken and has already been fully let.
The principal occupier, with a 73% share of the space and a 10-year lease, is Cognex, a global firm producing machine vision readers. The restaurant unit is let to Burger King on a 20-year term. The other tenants include a physical therapy centre, also on a lease term of more than ten years.
The property was purchased as an asset deal on behalf of the Deutschland Selektiv Immobilien Invest II open-ended special property fund, the successor fund to its now fully-placed precursor.
'We managed to achieve an excellent performance on behalf of our investors with our fund concept and consider the investment strategy to be just as auspicious going forward. Accordingly, we decided to launch another fund of the same type but without a maturity cap,' said Alexander Eggert, managing director of Warburg-HIH Invest. 'With the acquisition of the Pick-up, we are adding a property occupied by high-net-worth tenants on long-term leases to the fund.'
The buyer said it would seek to secure a DGNB Gold certificate for the building. Pick-Up was created as part of the Quartier Nord scheme that Landmarken is developing between the inner city of Aachen and the A4 motorway. Other companies that have moved to Quartier Nord include Tranel, St. Gobain, ADAC and Telekom.
The legal and tax due diligences for the buyer side were conducted by Ashurst LLP in Frankfurt am Main. The technical due diligence was done by Schwab, based in Hamburg.
