PATRIZIA acquires Mülheim an der Ruhr city centre quarter
PATRIZIA Immobilien AG has secured an urban quarter in the city centre of Mülheim an der Ruhr for another real estate fund for private investors. The site, in a very good and central location, features offices, medical practices, care facilities, retail, gastronomy, leisure facilities and parking on a total rentable area of 34 000 square metres.
- Around 34 000 square metres of lettable space in a very good and central location
- Attractive tenant and usage mix with an average of approximately 15 years’ lease term
- Expected annual disbursements of 5.0 per cent before tax
“This acquisition is characterised by a broad mix of properties as well as an attractive tenant mix in a very good central location. The average, long-term remaining rental agreements provide a good basis for a sustainable investment,” explains Joachim Fritz, Managing Director of PATRIZIA GrundInvest. A joint venture of Fortress Immobilien AG and GRS Beteiligungen GmbH, as well as Competo Capital Partners GmbH, is the seller of the property.
The property has a much diversified tenant structure spread across the approximately 20 rental units which make up the building. The main tenants within the building’s office and care spaces include the city of Mülheim as well as Alloheim respectively. In addition, Tristar will operate a Holiday Inn Express hotel out of the property. The quarter is currently being redeveloped in a central inner city location of Mülheim on the former Kaufhof site and is expected to be finished by the end of 2018 or early 2019. Mülheim is part of the Ruhr metropolitan region, one of the largest conurbations in Europe with about 5.2 million people.
“For the new private investor fund, which is expected to be placed in the second half of 2018, we aim to raise equity of around EUR 41.5 million for private investors who can expect projected annual disbursements of an average of 5.0 per cent before tax,” says Andreas Heibrock, Managing Director of PATRIZIA GrundInvest. Initially, the fund will have a duration of approximately ten years, with entry into the fund possible from EUR 10 000.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across 15 European countries for more than 30 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As one of the leading real estate investment companies in Europe, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. Currently, the Company manages real estate assets worth around EUR 19 billion, primarily as a portfolio manager and co-investor for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks. For further information, please visit: www.patrizia.ag