Real Estate Partners International has bought a German office property from a fund managed by Real IS, the companies announced today.
The eight-story office property located at R眉ttenscheider Stra脽e 1-3 in Essen was acquired on behalf of a La Fran莽aise collective real estate investment vehicle from the DB Real Estate CityInvest Berlin, D眉sseldorf, Essen fund
Financial details were undisclosed.
The fully-let 22,506sqm office building was built in 1960 and refurbished in 1994.
Jens Goettler, managing director for Germany, La Fran莽aise Real Estate Partners International, said: 鈥淏eyond the architectural qualities of the construction itself, its prime location in Essen, home to three DAX corporations and where the local economy is experiencing intensive growth, should contribute to supporting durably tenant demand.鈥�
Jochen Schenk, CEO of Real IS, said the office building in R眉ttenscheider Stra脽e was the fund鈥檚 last property to be sold.
鈥淭hanks to our active asset management we were able to renew the rental agreement with our tenant on a long-term basis.
鈥淭his has enabled us to create upside potential for our investors,鈥� Schenk said.
The closed-end DB Real Estate CityInvest Berlin, D眉sseldorf, Essen was launched in 2004 and was invested in a total of three properties. The properties in Berlin and D眉sseldorf were sold back in 2015 and 2016.
