GEG German Estate Group AG has acquired HCC Harenberg City Centre, an office tower in Dortmund's city centre. The building is located at Königswall 21, in close vicinity to the central train station, and has a total rental space of approximately 21,500 m². The seller is an investment fund, managed by JP Morgan Asset Management. Total investment volume was approximately €70m.
Opened in April 1994, Harenberg City Centre underwent major refurbishment between 2010 and 2012. With a height of 70 metres, 19 storeys above ground and two basement floors), the landmark property ranks amongst the highest buildings in Dortmund. Its modern architecture is a significant feature of Dortmund's cityscape. At present, the multi-tenant building houses around 600 employees of first-class companies, including such renowned names as AOK NordWest, a regional health insurance scheme, Deutsche Bahn AG, or the DFB Football Museum. The building's location, right between the famous "Dortmund U" building and the central railway station, ensures optimum public transport links, whilst 190 parking spaces make the HCC building attractive for individual transport, too.
BNP Paribas Real Estate, CMS Hasche Sigle and Hengeler Mueller acted as advisors for the transaction; pbb Deutsche Pfandbriefbank provided the financing.
Ulrich Höller, Chairman of the Management Board of GEG, said: "The acquisition of this top landmark asset has enriched our portfolio in the strategic Institutional Business segment, adding another attractive property in a first-class location, with stable cash flows and potential for appreciation in value."
