Tristan Capital Partners’ EPISO 5 fund and Silverton Group have sold an office building in Meerbusch, near Düsseldorf, to a US private investor following an asset management programme that increased occupancy from around one-third to 100%. The purchase price was not disclosed.
The property at Otto-Hahn-Straße 10 comprises approximately 3,100 sqm of lettable space and stands on a site of around 3,900 sqm. The building was completed in 2006. Occupancy stood at approximately 33% at the beginning of the vendors’ holding period. By the time of the sale, the building was fully occupied by four tenants under longer-term agreements, according to Silverton.
The leases have a weighted average remaining term of approximately ten years, giving the purchaser a relatively long period of contracted income. The property also includes 64 outdoor parking spaces and 19 spaces in an underground garage, with electric-vehicle charging available.
The building uses concrete-core temperature control for cooling alongside a gas condensing heating system and LED lighting. It has achieved a BREEAM Existing certification with a Good rating. The transaction demonstrates the role that leasing and asset management can play in repositioning office investments outside Germany’s largest central business districts. Raising occupancy from 33% to full letting and securing a ten-year WALT substantially changed the property’s income profile before its disposal.
Rheinwert Immobilien conducted the sales process on behalf of the vendors. Dentons advised the selling side on legal matters, while PwC provided tax advice.
Blackbear Real Estate represented the purchaser. Weimer & Partner acted as legal adviser, Rekowski Dornscheidt Architekten provided technical advice and ECOVIS KSO advised on taxation.