Colliers has announced that the Danish pension fund KP International A/S has acquired the Ludwig-Erhard-Center in Düsseldorf city center for a little over €30 million. KP International acquired the property as part of a share deal together with a Danish coinvestor. This is KP International's first acquisition in Germany and the strategy is to find similar assets in similar locations.
The Ludwig-Erhard-Center is considered one of the most attractive high-rise buildings in Düsseldorf. Completed in the year 1992 it offers around 11,500 m² of net space spread over 16 stories. The office building is fully let on a long term basis to Sparda Bank West eG. The cooperative bank uses the Ludwig-Erhard-Center as its head office since the amalgamation of the Sparda banks in Essen, Cologne und Wuppertal to the present Sparda Bank West in the year 2002.
Colliers Trombello Kölbel Immobilienconsulting GmbH acted as sole agent. The vendor, a Dutch single-property company, took legal advice from Freshfields Bruckhaus Deringer. Cushman & Wakefield Investors conducted the due diligence for the purchaser KPI and is appointed as asset manager of the property. The Hamburg team of the law firm Lovells advised KPI on the legal aspects.