A joint venture between the international real estate firm Hines and a German pension fund has acquired Königsallee 37(KOE37) building in Düsseldorf from Deutsche Fonds Holding (DFH) for €154.5 million.
The office and retail building in Düsseldorf is currently leased to Commerzbank and covers around 39,000 square meters.
The property, centrally located in the city center on Königsallee, Benrather Strasse, Breite Strasse and Trinkausstrasse, has around 34,500 square meters of rental space and an underground car park.
Hines said with the Commerzbank’s move out, scheduled for the end of 2020, a comprehensive repositioning of the existing property is planned.
Benjamin Biehl, Managing Director and Head of the Hines office in Düsseldorf: “KOE37 is a very exciting new property in the direct vicinity of our already completed projects Kö-Quartier, Carlsquartier, Kasernenstraße and Benrather Karree, which fits perfectly with our current strategy. We would like to strengthen the outstanding position of Düsseldorf’s banking district with a further high-quality development.”
Hines was advised on the transaction by Pöllath & Partners, EY and CBRE Valteq. The seller was advised by GSK Frankfurt am Main (legal) and Grunert Steuerberatung Duisburg (tax).