The Pier 1 office complex, which was developed by ORCO Germany's subsidiary Viterra Development, has been sold to a private investor. Built on a property of 7,200 m², the group of buildings situated at the northeast entrance to the inner port of Duisburg combines around 9,700 m² of modern office and service space for public use with a generous number of parking spaces for tenants and visitors.
The selling price was 27 million (at a book value of 17.1 million according to the Handelsgesetzbuch (HGB, German Commercial Code)). In June of 2007, the book value amounted to 25 million according to International Financial Reporting Standards, meaning that with this transaction, ORCO Germany has proven its ability to successfully and proactively manage its portfolio. The initial rate of return for the private investor amounts to 5.9%.
ORCO Germany will invest the liquidity of 11 million EUR obtained by this transaction into new projects, such as the H2-Office also located at the Duisburg port.
The attractive mélange of old and new, of historical warehouses next to modern residential and office buildings, of bodies of water and green spaces, has already attracted tenants such as the firm of auditors FASSELT & PARTNER as well as Chiquita Germany, which has its head office here. The modern office spaces with their future-oriented technical equipment provide an ideal work environment for companies and their employees. From the building's top floor, a splendid view of the inner port opens up.
"The framework conditions are ideal!" says Markus Palm, Director of the Düsseldorf branch of ORCO Projektentwicklung GmbH. "Currently, the vacancy rate in Duisburg is 2.8%. With this project, we are concluding the development in the core area of the inner port. Therefore, the only place for tenants interested in leasing attractive office spaces in this area will be the H2-Office.