Peach Property sells commercial property in Dortmund
Peach Property has sold the former Hoesch headquarters in Dortmund to a project developer.
The property is located at Rheinische Strasse 173 in Dortmund. The building is the former corporate headquarters of Hoesch-Union in a central location in the Smart Rhino development area, according to Peach Property.
The buyer Novum Development, a subsidiary of DET Beteiligungsgesellschaft, plans to convert the listed building into a hotel, according to the information provided. The hotel group Novum Hospitality will lease the building on a long-term basis and operate it under the brand "the niu".
Dr. Thomas Wolfensberger, CEO of Peach Property Group, believes that the sale of the commercial property will once again sharpen the company's profile as a residential portfolio holder in Germany with around 13,000 apartments.
According to the announcement, the parties have agreed not to disclose the purchase price. The transaction is expected to close at the beginning of the second quarter of 2020. (ah)
