Real IS, the real estate investment arm of German bank BayernLB, has acquired a six-storey mixed-use building in Düsseldorf from an urban retail fund.
Located on Kasernenstrasse – which is a busy shopping street in the German city - the property comprises a total rented area of 4,758 m2, which includes 2,838 m2 of office space, 1,270 m2 of retail space, and also residential and storage space. It has a 100% occupancy rate.
The seller was Pan European Urban Retail Fund, which is a joint venture between Aberdeen Standard Investments and La Française Real Estate Partners International. The price has not been disclosed by the parties.
The property was refurbished in 2011 and attracts very high footfall, thanks to its central location. As well as being situated close to the city centre, it is also near to the popular Old Town nightlife area, while Kasernenstrasse connects Düsseldorfer Königsallee with the Old Town and Carlsplatz central square.
Axel Schulz, global head of investment management at Real IS, said: ‘The central location and good public transport accessibility, as well as the leisure opportunities offered, all within walking distance, make this contemporary property a very desirable address, not only as an office location but also as a residential and commercial premises.
'The quality of the location is further enhanced by the completion of the Wehrhahn line as part of the city’s metropolitan rail system. The property stands out for so much more than just its high footfall, however. The flexibility of its space and the quality of the building also enable long-term rental upside potential.’
Last month, Real IS acquired the Paris headquarters of France’s Les Républicains political party, in a €46 mln sale-and-leaseback deal, which saw the political party sign a 10-year lease.