AFIAA: Sale of German Core Property

AFIAA acquired the "Speicher Dock13" property in Düsseldorf's Medienhafen in September 2005, repositioned it through active asset management, and has now sold it, the investment foundation announced at the request of IMMOBILIEN BUSINESS. The parties have agreed not to disclose the sale price. "In the course of our growth strategy, we have decided to sell the property in Düsseldorf, which is no longer in line with our strategy due to the volume," AFIAA adds.

The office building comprises 4,500 square meters of rental space and is currently around 60 percent let. It is a listed former granary dating from 1938, which was completely gutted in 2002 and converted into a high-quality, modern office building. Commodus is contributing the property to its CREC Deutschland Fund I. The company plans to invest a further 250 million euros in Germany's top 7 cities and supra-regional business centers in the short term. It is focusing on commercial properties with purchase prices between ten and 100 million euros.

Commodus was advised by Savills on the purchase in Düsseldorf. The Berlin-based investment company focuses on core+/value-add properties and currently has a property portfolio worth around €400 million. "With the 'Speicher Dock13' we have acquired one of the landmarks of the Medienhafen, which is not only characterized by its excellent location, but also by its high functionality and special vintage industrial feeling," says Dr. Tim Malonn, partner at Commodus. Düsseldorf's Medienhafen is "one of the hottest office locations in the city, which has also proven itself in particular as a location for young creative companies."