German fund manager Union Investment has acquired the Global Gate III office building in Düsseldorf on behalf of its open-ended immofonds 1, which is targeted at private investors in Austria.
The vendor was an investment fund managed by Cologne-based Verianos Capital Partners. The parties agreed not to disclose details of the purchase price.
Built in 2005, the property is located at Grafenberger Allee 297 in the east of the city. The fully let building offers 11,100 m2 of office space across ten floors and has an underground car park with 143 spaces.
'Grafenberger Allee is a key traffic artery in Düsseldorf, the regional capital of North Rhine-Westphalia. As such, it offers convenient access to the city centre and also to outlying areas. The location also features a high quality of life, since the Grafenberg neighbourhood combines office space with residential areas and parks,' said Kurt Rossmüller, a member of the Management Board of Union Investment Real Estate Austria.
The acquired property is the most visible part of the Global Gate I-III office complex developed by IVG Immobilien, situated in direct view of the Schlüterstraße tram stop. The main tenants in Global Gate III include marketing services provider Teleffekt, consulting firm Ecovis, fitness studio brand Fit/One and Mölnlycke Health Care, a manufacturer of health and hygiene products.
With the acquisition of Global Gate III, Union Investment now holds 16 properties in Düsseldorf within its actively managed real estate funds. In terms of property type, the assets cover the office, hotel and residential sectors and have a total value of over €400 mln.