AFIAA sells German office property
The AFIAA Investment Foundation for Real Estate Abroad has sold its Classical Service Center office complex in Münster. The buyer is the German Markus Gerold Group.
The Classical Service Center (CSC) is a multifunctional service and office complex consisting of two self-sufficient office buildings located at right angles to each other. The property comprises a total rental area of approx. 20,000 sqm and a total of 600 parking spaces, spread across a multi-storey parking lot, underground garage and outdoor parking spaces.
The main tenant of the building, a good 75 percent of which is let, is the German headquarters of the telecommunications company The Phone House, which has been based in the CSC for over 20 years.
The property, which was built in various stages between 1992 and 2000, is built in the traditional Münster style and has a very high quality of construction and fittings as well as a flexible room structure, which offers floor plans of between approx. 35 and 3,000 sqm. The property is well connected to the highway and rail network and Münster/Osnabrück Airport can be reached in 20 minutes.
Düsseldorf-based Rheinwert Immobilienconsulting acted as advisor to AFIAA. The parties have agreed not to disclose the purchase price. (ah)
