16 Apr 2020
PAMERA buys 14,500 sq m multi-let property in southern Düsseldorf from M7 Real Estate
PAMERA Real Estate Partners (“PAMERA”), acting for a family office managed by the company, has acquired a 14,500 sq m office property with storage/production space at Reisholzer Werftstrasse 38-42, in the south of Düsseldorf. The vendor is M7 EREIP IV, an M7 Real Estate (“M7”) fund, for which M7 is the asset manager.
The asset, which is currently occupied by 11 tenants, comprises two office buildings and a light industrial unit. The anchor tenant is the Düsseldorf State which has established a Job Centre in the building. PAMERA will take over the asset management of the property.
Completed in 1994, the property has a total lettable area of around 14,500 square metres. Some 11,500 square metres of this is office space, together with around 3,000 square metres of light industrial accommodation. The property is currently around 85% let. The weighted average unexpired lease term (WAULT) of the property is approximately 6.3 years. The property stands on a c. 14,600 square metre site, which includes around 240 parking spaces.
The property is easily accessible by road and public transport, via a nearby underground station. It has undergone numerous refurbishment and modernisation works in the past including the replacement of the heating installation. In addition, M7 has renewed the entrance areas of the property as well as the exterior facilities.
Alyssa Huse, Managing Director Germany at M7, commented: “Having acquired the property in 2017 on behalf of M7 EREIP IV, we have successfully managed it since then and in line with our business plan, we have disposed of the property in order to secure a positive exit for the fund’s investors.”
Christoph Zapp, Founder and Managing Partner of PAMERA, added: “We are very happy to acquire this interesting property. It offers a long-term secured cash flow and potential, which we will leverage through our active management approach. This corresponds exactly to the needs of the families we represent.”
The Düsseldorf branch of Savills Immobilien Beratungs-GmbH advised on the transaction process.