German developer Momeni Group has acquired an office building in Düsseldorf from Hamburg-headquartered investment manager Warburg-HIH Invest.
Financial details were not disclosed.
The office asset, built in 1978, at Graf-Adolf-Platz 14 has a gross floor area of around 30,000 m2, offers 175 underground car park spaces and is currently fully leased.
The primary tenant is GMG Generalmietgesellschaft, a Deutsche Telekom subsidiary. Warburg-HIH Invest divested the property on behalf of its one of its investment vehicles, after a ten-year holding period.
'Our main reason for purchasing the office building ten years ago was the excellent potential for value enhancement due to the building’s prime location in Düsseldorf city centre,' said Hans-Joachim Lehmann, managing director at Warburg-HIH Invest.
'We have capitalised on the favourable conditions on the investment market to realise the value growth we were striving for,' Lehmann added.
BNP Paribas Real Estate assisted in identifying a buyer for the property and was also employed in an advisory capacity.