French asset manager La Française Real Estate Partners International has purchased an office building - which is also a protected monument - in Essen, Germany, from Real IS.
The parties agreed not to disclose financial details.
Located at Rüttenscheider Strasse 1-3 in Essen city centre, the property comprises 22,506 m2 across eight stories, with 343 indoor and outdoor parking spaces. The sole tenant is an energy company.
The asset designed by renowned German architect Egon Eiermann was erected in 1960, handed protected status in 1992 and underwent a refurbishment in 1994.
Welcoming the purchase, Jens Goettler, managing director for Germany at La Française, said: ‘Beyond the architectural qualities of the construction itself, its prime location in Essen, home to three DAX corporations and where the local economy is experiencing intensive growth, should contribute to supporting durably tenant demand.’
Real IS sold the asset for its closed-end fund DB Real Estate CityInvest Berlin, Düsseldorf, Essen.
Commenting on the transaction, Jochen Schenk, CEO of Real IS, said: ‘The office building in Rüttenscheider Strasse was the fund’s last property to be sold. Thanks to our active asset management we were able to renew the rental agreement with our tenant on a long-term basis. This has enabled us to create upside potential for our investors.’
The fund was launched in 2004 and comprised a total of three properties in Berlin and Düsseldorf, which were divested in 2015 and 2016.
La Française International was advised by Clifford Chance LLP on legal and tax issues and by TA Europe on technical due diligence.