Warburg-HIH Invest Real Estate has acquired the office property “Global Gate II” in Düsseldorf for the open-ended property special fund “TOP 7 Deutsche Metropolen Immobilien Invest” launched for institutional investors in cooperation with NORD/LB Norddeutsche Landesbank. The property, located in the Düsseltal district, was sold by Allianz insurance group.
The second compound of the Global Gate II office centre, completed in 2003, has a total lettable space of 13,436m². The main 10-storey building block stretches out along Grafenberger Allee; a smaller six-storey compound is attached in the rear and connected to the larger compound via the entry hall.
Occupancy in the building is 84%. Its anchor tenants are HUK-Coburg, which occupies a total rentable space of 2,831m², and Luxury Fashion Trade GmbH. Other tenants include Chubb Personal Insurance and the travel agency BCD Travel Germany. The average remaining lease term is 3.8 years. The remaining units are let through the letting management of HIH Real Estate.
“We are pleased about acquiring this attractively located property that can be rented out flexibly and offers additional upside potential,” said Hanno Lehmann, managing director of Warburg-HIH Invest. “Demand for office properties is very high and Düsseldorf is a strong location both from an economic and a demographic point of view.”
Frederik Lammersen, fund manager at Warburg-HIH Invest added: “This is the third property, after Palais Behrens (Berlin) and TurmCarrée (Frankfurt/Main), that we acquired for the TOP 7 investment fund. Despite the extremely short supply in Germany’s metropolitan locations, we fully met the demanding investment criteria. The most compelling features of the Global Gate II scheme are the state-of-the-art office accommodation and the existing multi-tenant structure.”
On the buyer side, Hogan Lovells International LLP provided legal advice in this transaction. The vendor was advised by the brokerage firm CBRE Düsseldorf and the law firm CMS Hasche Sigle.