German investment manager Cells Property Investors has acquired the IKB headquarters building in Dusseldorf in a joint venture with an international investor.
Savills advised owner-occupier IKB Deutsche Industriebank on the sale-and-leaseback transaction.
Financial details were not disclosed, but IKB purchased the asset for €185 mln in October 2015, in a deal with AXA Immoselect, which excercised IKB's pre-emptive rights.
The 57,600 m2 office property is located in the north of the city. IKB will remain as the asset's main tenant. Built in 1997, the office complex consists of two seven-storey buildings containing office space.
Cells said it planned to establish the property as a multi-tenant office complex through a series of upgrades.
The buyer was advised by Greenberg Traurig on legal matters, while Hogan Lovells counselled the seller.