Warburg-HIH Invest Real Estate GmbH (“Warburg-HIH Invest”) acquired the new-build office and retail complex Pick-up at Quartier Nord in Aachen. The six-storey building was acquired within the framework of an asset deal on behalf of the “Deutschland Selektiv Immobilien Invest II” open-ended special property fund. The fund invests in “core / core plus” office properties in selected German growth cities. An add-on option permits investments into other types of use up to a limit of 30 percent of the total assets. Assuming a minimum fund volume of 400 million euros and a gearing ratio of no more than 50 percent on the fund level, the distribution yield is expected to equal four percent. Institutional investors can buy into the fund by acquiring equity interests of five million euros or more.
The property development at Krefelder Strasse 128 in Aachen provides more than 5,000 square metres of office and restaurant space along with 73 parking spots. The property was built by Landmarken AG and completed on schedule. The multi-tenant property is already fully let. Main tenant with an occupied share of 73 percent of the gross lettable area is COGNEX, a globally operating specialist for machine vision readers, on a long-term lease for more than ten years. The restaurant unit is let to Burger King for a 20-year term. Other tenant in the building include a physical therapy centre, also on a lease term of more than ten years. It was agreed not to disclose the selling price.
It is intended to secure a DGNB Gold certification for the building. The Pick-up scheme was created as part of the Quartier Nord locality the Landmarken is developing between the inner city of Aachen and the A4 motorway. The town centre is eight minutes and the A4 motorway four minutes away by car. Direct access to the B57 federal route further enhances the excellent transport connectivity. By 2030, the Quartier Nord development will have created a total of 48,500 square metres in mixed-use properties for the use types office, retail and gastronomy, along with parking facilities. Other companies that have moved to Quartier Nord include Tranel, St. Gobain, ADAC and Telekom.
Pic : Warburg-HIH Invest Real Estate
Source : Company