Warburg-HIH Invest has acquired the four- to six-storey office property “KHW105” in the Schreventeich district of Kiel, the state capital of Schleswig Holstein. The transaction took the form of an asset deal, the property is earmarked for the property fund of the Nordeutsche Versorgungswerke superannuation scheme. It was sold by the HBB Group. Raised at Kronshagener Weg 105 in 1994, the office building has a gross lettable area of around 22,500m² plus 560 underground parking spots. More than 20,900m² thereof are taken up by offices and administrative units. The main tenant, the BImA Institute for Federal Real Estate, occupies three-quarters of the entire lettable space. The weighted average remaining lease term is about ten years. It was agreed not to disclose the selling price.
“The property is defined by an attractive location and by its high share of public-sector tenants. The notable loyalty to the property by these blue-chip tenants—government agencies—ensures a stable cash flow. We assume that the property will retain its function as a civic centre for many years yet. In addition, the property has alternative use potential and efficient rental units in combination with a high building and interior quality,” said Hans-Joachim Lehmann, Managing Director of Warburg-HIH Invest.
The property is located about two kilometres north-west of Kiel’s inner city in direct proximity to other administrative buildings. Commuting to the central railway station of Kiel by means of public transportation takes just ten minutes. While easily accessible by public mass transit, the site on Kronshagener Weg is also conveniently connected to private transport networks, including the motorway network. The building offers flexible floor plans and therefore ideal conditions for large-scale tenant structures. It is also handicap-accessible.
