AEW has acquired a fully occupied, multi-let office building in Düsseldorf, Germany, for an undisclosed price, on behalf of one of its funds.
The five-storey, circa 4,400 sq m (circa 47,000 sq ft) Schiessstraße 61, which is located in the office submarket of Linksrheinisch, was built in 1953 and in 2021 a renovation of the building was undertaken.
The building is situated directly opposite the ‘Löricker Straße’ metro station located directly opposite the building and the new metro line U81 is expected to open in the coming years, connecting the location to the airport.
Matthieu Samaran, executive director of investments at AEW, said: “This acquisition is aligned with the fund’s strategy of selectively investing in quality assets in good locations that offer stable returns over the long term. Schiessstraße 61 is fully-let to a diversified tenant base and therefore offers secure, long term income. In addition, we were impressed by the asset’s strong location in the dynamic and emerging area of Linksrheinisch, host to a number of new residential developments, which will see it transformed into a vibrant destination for living and working.”
AEW was advised on the acquisition by Noerr, JLL and Nova Ambiente.
