Wealthcap, the Munich-based asset management unit of Unicredit Group, has acquired the regional headquarters of C&A at 70 Wanheimer Straße at the Düsseldorf airport from insurance giant Generali.
Wealthcap, the Munich-based asset management unit of Unicredit Group, has acquired the regional headquarters of C&A at 70 Wanheimer Straße at the Düsseldorf airport from insurance giant Generali.
At a value of €100 mln, the sale is one of the largest deals carried out on the Dusseldorf market in the last 12 months.
Developed in 2006, the building provides 34,000 m2 of space and is currently being extended with the addition of a new 340-spot parking garage, a new conference centre and over 5,500 m2 of new offices.
C&A has signed a new long-term lease through 2024 for the complex, which is due for delivery in 2014. Development work is being carried out by construction group Codic.
'Completing such a complex transaction is a 'Champions’ League' effort in the real estate market,' Codic's managing director Guido Knümann commented referring to the long negotiation process, which took close to 12 months.
Catella advised Generali on the development of the building and on the sales process. 'Catella specialises in finding solutions for complex transactions - we love a challenge,' added Klaus Franken, managing director at Catella in Germany.
