German multi-family office firm Pamera Real Estate Partners has acquired a 14,500 m2 office property with storage/production space to the south of Düsseldorf, Germany, from M7 EREIP IV, an M7 real estate fund. Financial details were not disclosed.
PropertyEU understands that the deal was agreed before the coronavirus crisis and has now completed.
The asset, which is currently occupied by 11 tenants, comprises two office buildings and a light industrial unit. The anchor tenant is the Düsseldorf State which has established a Job Centre in the building. Pamera will take over the asset management of the property.
Completed in 1994, the property has a total lettable area of around 14,500 m2. Some 11,500 m2 of this is office space, together with around 3,000 m2 of light industrial accommodation. The property is currently around 85% let. The weighted average unexpired lease term (WAULT) of the property is approximately 6.3 years. The property stands on a 14,600 m2 site, which includes around 240 parking spaces.
Alyssa Huse, managing director Germany at M7, commented: ‘Having acquired the property in 2017 on behalf of M7 EREIP IV, we have successfully managed it since then and in line with our business plan, we have disposed of the property in order to secure a positive exit for the fund’s investors.’
Christoph Zapp, founder and managing partner of Pamera, added: ‘We are very happy to acquire this interesting property. It offers a long-term secured cash flow and potential, which we will leverage through our active management approach. This corresponds exactly to the needs of the families we represent.’
The Düsseldorf branch of Savills Immobilien Beratungs advised on the transaction process.