Commerz Real has sold the Dusseldorf office property “Speditionstraße 15” from the portfolio of its open-ended real estate fund Hausinvest to Centrum Group. The off-market transaction led to sales proceeds of €31.8m. Acquired from the insurer Generali Versicherung in 2019 as part of the so-called “Millennium Portfolio”, which comprised 50 properties, according to Commerz Real the building no longer ranked among the strategic properties in the portfolio. Constructed in the year 2000, the eight-storey waterfront building in the ‘media port’ sub-market has a lettable area of 6,900m², of which merely a little more than one third is leased out at present.
"In this manner we are freeing up capacities in our asset management, which we can better deploy in other properties which correlate more closely with the fund strategy," commented Mario Schuttauf, Hausinvest fund manager.