Warburg-HIH Invest Real Estate (Warburg-HIH Invest) has acquired the office property CityGate in Neu-Isenburg near Frankfurt in an asset deal structure for the portfolio of a special AIF managed on behalf of institutional investors.
The property, which was constructed in 2002/2003, is located in Neu-Isenburg’s Southern Business Park, directly on the main intersection between Carl-Ulrich-/Frankfurter Straße. The shopping mall Isenburg-Zentrum is directly opposite. Both downtown Frankfurt and the Frankfurt airport are within easy driving distance.
The property has 10,520m² of rentable space and underground parking with 252 parking slots. The property is fully rented out and serves as the head office of De’Longhi, the Italian household appliances manufacturer. Other major tenants include the leasing company Albis Mobil Lease GmbH, the recruiting agency PMC International AG and the IT company Fortinet.
“The CityGate property is very centrally situated in an established and coveted office location. This location and the good quality of the building ensure consistent rent levels and, as a result, stable cash flows for years to come,” says Hans-Joachim Lehmann, Managing Director Transaction Management Germany at Warburg-HIH Invest. “The development of the urban district South in the immediate vicinity and the planned expansion of the traffic infrastructure promise additional upside.”
Ashurst LLP served as legal adviser to Warburg-HIH Invest. The technical due diligence was conducted by Witte Projektmanage-ment GmbH. NAI apollo group acted as as exclusive selling agent of the seller.
"The CityGate property is very centrally situated in an established and coveted office location. This loca-tion and the good quality of the buil-ding ensure consistent rent levels and, as a result, stable cash flows for years to come. The development of the ur-ban district South in the immediate vicinity and the planned expansion of the traffic infrastructure promise additional upside," says Hans-Joachim Lehmann, Managing Director Warburg-HIH Invest
