A joint venture between real estate funds managed by Ares Management Corporation and EDF Invest has acquired a 58,500 m2 office building in Düsseldorf from owner-occupier IKB Deutsche Industriebank.
Financial details were not disclosed.
Built in 1997, the property is located in Kennedydamm, a prominent office submarket of Düsseldorf. Key tenants include small business lender IKB – which remains the largest tenant - Helaba, Colt and Berkshire Hathaway.
The joint venture plans to transform the property, which is split across two distinct but connected buildings, from a primarily owner-occupied bank headquarters to a modern, multi-tenant office campus. Cells Property Investors is the local operating partner of the joint venture.
The transaction marks Ares Real Estate Group’s fifth acquisition in Düsseldorf over the last two years. The asset manager has transacted close to €1.8 bn in Germany over the last 24 months.
Ares Management Corporation has around $130.7 bn in global assets under management and offices in the US, Europe, Asia and Australia.
EDF Invest is the unlisted investment arm of EDF’s Dedicated Assets, the asset portfolio which covers its long-term nuclear decommissioning commitments in France. EDF Invest manages over €5.7 bn equity investments. Its current real estate assets include office properties, hotels and shopping centres in France, Italy and Germany.