TRIUVA has acquired the New Office Düsseldorf development project from STRABAG Real Estate GmbH (SRE) in an off-market transaction. The total investment amount is approx. €200m. New Office Düsseldorf is among the city’s largest office complexes currently under construction.
SRE is developing the core office project on the former grounds of the Rheinbahn, a regional rail operator, located in the Oberkassel district, directly across the Rhine River from Düsseldorf’s historic centre. Demolition and clearing of the old Rheinbahn headquarters begun in June of this year. The ceremonial groundbreaking for the new office complex was held in November 2017, with completion scheduled for the end of 2020. The project will provide some 33,000 m² of GLA.
The prime multi-tenant office complex, which will carry the coveted DGNB Gold sustainability certification, is 70% pre-let to date. The anchor tenant, with some 22,000 m² of lettable area, is HSBC Germany.
"We are very pleased to be able to realise yet another project with STRABAG Real Estate through this off-market transaction," says Manuel DeVigili, Head of Investment Management at TRIUVA. "With the completion of this purchase and other December deals, our acquisition volume in 2017 will reach c. €1bn."
"With the New Office project, we are developing a modern office complex which will be a new landmark in Düsseldorf-Oberkassel," adds Günter Nikelowski, Managing Director at SRE. "We are delighted to have found in TRIUVA a reliable and strong buyer at such an early stage in the project."
TRIUVA was advised by Clifford Chance (legal) and Drees & Sommer (technical). STRABAG Real Estate was assisted by CML Construction Services GmbH.
The transaction remains subject to approval by the responsible competition authorities.
