Germany: CS fund sells Düsseldorf office property
An international real estate fund of Credit Suisse Asset Management has sold an office property in Düsseldorf. The purchaser is the real estate investor Conren Land.
The office property is located at Niederkasseler Lohweg 181-183 in the Seestern submarket, which is well connected by public transport to Düsseldorf city centre and the airport. The core-plus property dates from 2001 and was extensively refurbished from 2018 to 2020. The lettable area is 11,700 sqm and currently the building has an occupancy rate of 71% and a WALT of approximately 7.5 years. It is leased to multiple parties.
According to Joachim von Radecke, Head of Acquisitions & Sales EMEA at Credit Suisse Asset Management, the property attracted considerable interest due to the value-enhancing measures taken during the sales process. The transaction generated an attractive return for the fund investors and is thus another example of the successful implementation of the value-add strategy. The new owner, Conren Land, sees significant value enhancement potential in the remaining vacancy and the current rental level as part of its manage-to-core strategy.
The parties did not disclose the purchase price. Savills acted as intermediary on the seller's side. (ah)
