Warburg-HIH Invest Real Estate has acquired the Global Gate II office property in Düsseldorf, Germany on behalf of its Top 7 Deutsche Metropolen Immobilien Invest open-ended property special fund, launched for institutional investors in cooperation with NORD/LB Norddeutsche Landesbank.
The property, which is located in the Düsseltal district, was sold by the Allianz insurance group.
The Global Gate II office centre, which was completed in 2003, provides 13,436 m2 of total lettable space over two buildings of 10 and six storeys respectively. The complex is 84% let, with anchor tenants including HUK-Coburg, which occupies a total rentable space of 2,831 m2, and Luxury Fashion Trade. The average remaining lease term is 3.8 years.
'We are pleased about acquiring this attractively located property that can be rented out flexibly and offers additional upside potential,' said Hanno Lehmann, managing director of Warburg-HIH Invest. 'Demand for office properties is very high and Düsseldorf is a strong location both from an economic and a demographic point of view.'
Hogan Lovells International provided legal advice to the buyer. The vendor was advised by brokerage firm CBRE and law firm CMS Hasche Sigle.
