La Française Real Estate Partners International acquires office property(1) in Dusseldorf (Germany)
La Française Real Estate Partners International, on behalf of a La Française collective real estate investment vehicle, has acquired from a Revcap / Kriton JV an office property located at, Am Seestern 5, in an established office submarket of Dusseldorf, Germany. The building is well located and is easily accessible via public transportation.
The asset was built in 2002 and underwent extensive renovations that were completed this year. The six-story building offers ca. 10,400 m2 of office space and about 270 indoor parking spaces. The office set-up is flexible, and the space is ideal for multi-tenant use. Currently, the building is fully let to two tenants: a leading global information and communications solutions provider and a manufacturer of high-grade refractories for high temperature industrial processes.
Jens Göttler, Managing Director for Germany, La Française Real Estate Partners International, said: “We are delighted to add a quality German investment to our portfolio. With Germany’s third largest airport, Dusseldorf is easily accessible and consequently attracting a high level of foreign investment. Additionally, as Germany’s sixth ranking city for its quality of living, Dusseldorf is prospering. These are all factors that should contribute favorably to the valuation of the property and support tenant demand.”
La Française Real Estate Partners International was advised by Norton Rose Fulbright on legal aspects and by TA Europe GmbH on technical Due Diligence.
1This is an example of an investment held within the portfolio. It is not indicative of future investments and does not fully reflect the composition of the funds.
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