Real estate investor Conren Land has acquired the office and commercial building JEP3 in Düsseldorf from Rhenus Grundvermögen GmbH & Co. Entwicklungs-KG.
The price tag of the forward purchase was not made public by the parties, but is estimated to be in the €20-30 mln range.
Located at Joachim-Erwin-Platz 3 in Düsseldorf's pedestrian zone, the 3,000 m2 property is designed by RKW Architektur + and scheduled for completion in 2023.
Jan-Ludwig Brügelmann, CIO of Conren Land, said: ‘The JEP3 impresses with its location in the heart of Düsseldorf and its appealing architecture. As part of the technical asset management, we are now aiming for the best possible certification of the building according to a relevant sustainability standard to underpin the long-term cash flow security.’
Conren Land acquired the seven-story building empty and leased it during the construction phase.
The two lower floors were leased to a company from the electro-mobility sector and will be used as a showroom in the future, while the upper floors are occupied by offices by renowned tenants.
The Kö-Bogen I building complex, with numerous shopping facilities and restaurants, and the Kö-Bogen II, with the largest green facade in Europe, are in the immediate vicinity.
Conren Land was advised on the transaction by Freshfields Bruckhaus Deringer and AdlerSchreier.