Westbrook Partners has acquired the "FRITZ" office building in Dusseldorf, Germany from Deka Immobilien. The parties agreed not to disclose the purchase price. The building is the company's first property purchased in the city. The building, located in the Seestern business district at Fritz-Vomfelde-Strasse 14 - 20, was constructed in 1993 and boasts a lettable area of almost 17,000m². It stands on a site of around 7,400m² and offers some 300 parking spaces. Around 66% of the office is currently occupied. Tenants include NEC Deutschland and Itochu.
The decisive factor for the acquisition of the property in the Seestern business district was the great potential for increasing the value of the vacant space in the property. The high-quality building also benefits from its attractive campus surroundings in a submarket of Dusseldorf that features high space absorption.
"The acquisition of 'FRITZ' fits perfectly into our investment strategy", said Ruben Herrmann, Managing Principal at Westbrook. "We are confident that, by applying active letting management and carrying out modernisation work, 'FRITZ' will swiftly come into the focus of other attractive tenants. For the implementation of the business plan, we engaged the professional asset managers from the Dusseldorf team of Barings who already worked alongside us on this transaction.”
