BNP Paribas Real Estate Investment Management (REIM) Germany has acquired an office property in Bremen for its French real estate fund, Opus Real. Originally designed over ten years ago as headquarters for a shipping line, Teerhof 59 is situated on a peninsula between the city’s old and new districts and enjoys excellent visibility. The property lends a distinct accent to Bremen’s city landscape and offers views of the water and the old town from both sides of the building that cannot be obstructed in the future. The easily accessible location is understandably popular with office tenants and the building is currently fully let. The parties involved have agreed not to disclose the purchase price.
“In T59 we have acquired an exceptional asset in an excellent location for our investors,” explained Isabella Chacón Troidl, Chief Investment Officer of BNP Paribas REIM Germany. “Bremen has been undergoing an effective structural transformation for several years now. The city’s maritime tradition and the harbour as the anchor of the city’s economy combined with new sectors and service providers moving to the area are generating strong growth and demand for high-end office space. Businesses are currently looking for modern, prestigious space, which is precisely what Teerhof has to offer.”
The office property was completed in 2009 and encompasses over 17,000m² in gross floor area. The property offers over 9,000m² of G+8 rental space including an underground car park with 90 parking spaces. The building’s cavity walls featuring clinker and facing brick carry on the northern German Hanseatic architectural tradition while adding a modern twist. The property was even presented an award by the Bremen offices of the Association of German Architects (BDA) for its architecture in 2010. The interior of the building was redesigned after the original tenant vacated the premises in 2011 to enable multi-tenant use. Current tenants include an energy company and an office space provider.
“We are pleased with this new acquisition which fits in Opus Real’s strategy by adding to the portfolio an asset located in a strategic place in Bremen. This building is modern, prestigious and offers multi-tenant use. It will be a perfect answer for the tenants’ current needs and will play a positive part in the diversification of the SCPI’s rental income”, commented Jean-Maxime Jouis, Global Head of Fund Management for BNP Paribas REIM France.
