German investment manager Catella Real Estate has acquired a key business park in Nuremberg, Germany for €130 mln from Berlin's Mib.
The asset, dubbed Auf AEG, was purchased on behalf of three special funds under its management and one individual mandate, namely Catella Multitenant Stiftungsfonds, IWS II - Wirtschaftsregion Süddeutschland, KCD-Catella Nachhaltigkeit Immobilien Deutschland, together with a co-investor accompanied by the Hamburg family office Kontora.
The site was part of the former AEG plant in Nuremberg, which ceased production in March 2007 after more than 90 years of activity. Since then, Mib Coloured Fields, a subsidiary of Mib Immobilien und Beteiligungen, has attracted tenants such as Siemens, Adidas, Eschenbach Optik, the IT company Bechtle and the TÜV Süd Academy by revitalising and repositioning the former industrial lots.
Despite the work done on the former production halls, Catella said that the potential of the site had not yet been fully exploited.
'The revitalisation of the former AEG site is exactly in line with the sustainable investment approach which our company is pursuing with conviction,' commented Henrik Fillibeck, Catella spokesperson.
'Inner-city locations with a high-quality tenant base, such as here in Nuremberg, are a good example of how attractive secondary locations are an excellent match for a well thought-out acquisition strategy in the current market phase,' added Stefan Balzer, Catella's head of acquisitions, Germany.
The buyer was advised legally and fiscally by Linklaters, technically by KVL BauConsult München and environmentally by HPC.
Financing was provided by Bank Im Bistum Essen and KD-Bank. The sellers were assisted by the Berlin team of the law firm Brl Boege Rohde Leubbehuesen.