Union Investment has expanded its high-quality property portfolio in Düsseldorf with the acquisition of the new Airport Gardens building. The multi-tenant office building, developed by STRABAG Real Estate GmbH and completed in October 2010, was acquired for the open-ended real estate fund Unilmmo: Deutschland. Details of the purchase price were not disclosed.
Airport Gardens offers around 14,360 m² of rental space, of which 77% is currently let.
Airport Gardens offers around 14,360 m² of rental space, of which 77% is currently let. The users, who include Mercer Deutschland, Mercuri Urval, IKK Classic and PrivatAir, mostly have long-term leases with an average duration of nine years.
The six-story building is centrally located within the dynamic Airport City submarket. Dr. Frank Billand, Member of the Management Board of Hamburg-based Union Investment Real Estate GmbH, expects the property to "benefit long-term from its exceptional location at Germany's third-largest airport."
The outstanding quality of the property lies in its location within walking distance of the terminals, its 324 parking spaces (unusually high for the area) and its extremely flexible floor plan. Units ranging in size from 400 m² to 2,358 m² of contiguous space on the same floor are possible.
"Our investment will appeal to companies seeking to expand in the Düsseldorf airport area," says Billand.
"The fact that we have already built three office buildings in Airport City illustrates our confidence in the location, as well as the huge interest from tenants. Another project is already at the planning stage and work is due to start shortly," says Thomas Auhagen, Divisional Manager for Düsseldorf at STRABAG Real Estate GmbH, one of Germany's leading project developers.
Source: Union Investment Real Estate GmbH