AEW has acquired the extensively renovated "Wiesbadener Palais" office building, located in the city centre of the Hessian state capital, from NORSK Deutschland AG and IFM Immobilien AG. The purchase price was not disclosed.
Built in 1907, the five-story building comprises 4,700m² and offers 53 parking spaces and is fully let to the Hessian Ministry for Digital Strategy and Development and HRA Pharma Deutschland. The scheme embodies the historical heart of the KURECK site with its magnificent architecture and its listed façade and is located in the immediate vicinity of the Hessian State Chancellery.
Tobias Schnurer, Investment Director at AEW, commented: "The "Wiesbadener Palais" is positioned in an absolute top location within Wiesbaden. As the new headquarters of the Digital Ministry, with a secured long-term lease, the asset provides an attractive risk/return profile for our client.”
Thomas Schulze Wischeler, CEO of NORSK Deutschland AG - representing the owner IFM Immobilien AG, commented: "We are delighted to have found in AEW a renowned investor for a prestigious trophy asset. Wiesbaden benefits not only from its proximity to the financial metropolis of Frankfurt but also offers a high quality of life. The KURECK and the "Wiesbadener Palais" are having an influential impact on this prospering premium location.”
