Europa Capital LLP, the general partner of Europa Fund II, is pleased to announce that, following the signing of agreements in May, completion has now taken place of the sale of Hofgarten Palais, Düsseldorf to Union Investment Real Estate GmbH for its open-ended property UniImmo: Europa.
The 14,000-m² office development in Central Düsseldorf has been sold by Europa Fund II's Luxembourg subsidiaries for a price in the region of 60 million.
Lease-up of the prestigious building, located adjacent to the City's Hofgarten, continues to progress with Douglas Cosmetics GmbH being the latest company to commit to office space at the property and to join Management Engineers, Gleiss Lutz, Catella and SThree who are already in occupation.
Commenting, Erik Ruane, development director at Europa Capital, said, "We are pleased that this transaction has been brought to a successful conclusion and look forward to working with Union in bringing about the lease-up of the remaining circa 4,000 m²."
Development management of the project has been undertaken by PBG Frankfurt. BNP Paribas Real Estate GmbH and Catella Property Advisors GmbH acted for the Vendor in an advisory capacity.