CR Investment Management (CR) and Mellum Capital (Mellum) have been retained by insolvency administrator Dr Jan Markus Plathner to handle the structured sale of the “LIMES” commercial real estate portfolio. Dr Markus Plathner was appointed as administrator on 1 December 2024.
The LIMES portfolio consists of four commercial properties, located in the German cities of Aschheim, Essen, Kassel and Cologne, respectively.
One of these is the office scheme at Max-Planck-Strasse 3 in Aschheim, was built in 1999 and has a lettable area of around 12,100m2 and 178 parking spots. Among its tenants are electronics, software engineering and financial services companies.
The “Buropark Bredeney” office park at Theodor-Althoff-Strasse 39-47 in the Bredeney district of Essen provides about 46,500m2 of lettable area and 986 parking spots. Structural alterations and the construction of an annexe for its next tenant, the State Police of North Rhine-Westphalia, are currently under preparation.
The office and mixed-use scheme at Max-Glomsda-Strasse 4 in the Ossendorf district of Cologne was completed in 2006 and provides around 5,200m2 of lettable area and 287 parking spots. It is occupied by public-sector tenants, automotive businesses as well as auditing and certification services. The property is almost fully occupied.
The portfolio is supplemented by the Kurfurstengalerie property in the Kassel city centre, home to a shopping centre, hotel lodgings and parking spots on a total lettable area of about 21,500m2. Situated in the immediate vicinity of the Konigsplatz square, the property offers 165 hotel rooms (c. 6,860m2) and 600 underground parking lots. The hotel units are let long-term to a renowned operator, with the necessary remodelling works yet to be done.
Administrator Dr Jan Markus Plathner commented: “The commercial properties of the LIMES portfolio offer an attractive blend of office, retail and mixed-use real estate in well-established locations. Our goal is to dispose of the properties by the end of the first quarter of 2025 within the framework of a structured competitive bidding process. To this end, we are primarily approaching institutional investors inside and outside Germany as well as family offices and other specialised real estate investors with a known interest in established commercial real estate in conveniently accessible locations.”
Image source - CR Investment Management.
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