Warburg-HIH Invest acquired the new-build office and retail complex Pick-up at Quartier Nord in Aachen. The six-storey building was acquired within the framework of an asset deal on behalf of the “Deutschland Selektiv Immobilien Invest II” open-ended special property fund. The fund invests in “core/ core plus” office properties in selected German growth cities.
The property development at Krefelder Strasse 128 in Aachen provides more than 5,000m² of office and restaurant space along with 73 parking spots. The scheme was built by Landmarken AG and is already fully let. The main tenant with an occupied share of 73% of the gross lettable area is COGNEX. The restaurant unit is let to Burger King for a 20-year term. Other tenants in the building include a physical therapy centre, also on a lease term of more than ten years. The purchase price was not disclosed.
“With the ‘Deutschland Selektiv Immobilien Invest II’ investment fund, we pick up where we left off with its fully-placed precursor fund. We managed to achieve excellent performance on behalf of our investors with our fund concept, and consider the investment strategy to be just as auspicious going forward. Accordingly, we decided to launch another fund of the same type but without a maturity cap,” said Alexander Eggert, Managing Director of Warburg-HIH Invest. “With the acquisition of the Pick-up, we are adding a property occupied by high-net-worth tenants on long-term leases to the fund.”
