PATRIZIA sells METRO headquarters in Düsseldorf, Germany
Extension of long-term lease the foundation for the disposal.
- Follows completion of business plan for this asset
- Comprises over 75,000 sq m of office space in the emerging urban district of Grafenberg
Augsburg, 6 December 2018. PATRIZIA Immobilien AG, the global partner for pan-European real estate investment, announces that it has sold a building let to METRO, a global retail and wholesale group, in Düsseldorf, Germany to Arminius Kapitalgesellschaft mbH for an undisclosed sum.
The six interconnected office buildings, which serve as METRO’s headquarters, were acquired in 2014. The asset, which comprises over 75,500 sq m of office space and 1,300 parking spaces, is fully let to METRO on a long-term lease, which was prolonged in 2017 from 11 to 20 years and formed basis of the property’s timely sale. Located in the emerging urban district of Grafenberg, the complex is in close proximity to the city centre.
Philipp Schaper, PATRIZIA’s Head of Transactions, said: “This sale follows the completion of our business plan for this portfolio, which has seen us add considerable value. As a result, we have generated excellent returns for our clients.”
Herbert Smith Freehills Germany LLP, Jones Lang LaSalle SE and RHEINWERT Immobilienconsulting GmbH advised PATRIZIA on this transaction.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across Europe 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 a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages around EUR 40 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.
Head of Corporate Communications
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