Peakside, Partners Group sell office building in Essen

Peakside, Partners Group sell office building in Essen

Peakside Capital Advisors and Partners Group have sold an office building in Essen from the former Omega portfolio to University Hospital Essen (Universitatsklinikum Essen).

The parties agreed not to disclose the purchase price.

The property in the Theodor-Althoff-Strasse encompasses around 21,600m² of office space as well as 450 parking spaces in an underground car park.

With the acquisition, University Hospital Essen is expanding its footprint in the city and is planning to move into the new location in 2023, Peakside said. The current occupancy rate of the property is 50 percent.

Thorsten Kaatze, Commercial Director and Deputy Chair of Universitatsmedizin Essen, said: “The new property opens up a strategic opportunity for us. We can expand the clinical services at our original campus through the relocation of administrative functions. We can also expand and concentrate the activities of our professional medical schools at one location for the first time as well as offer expansion space for Research & Development in the new building.”

Boris Schran, Managing Partner of Peakside, commented: “The transaction in Essen has demonstrated the intrinsic value of the Omega portfolio once again. We are glad that we can offer University Hospital Essen space for its expansion plans.”

Simon Lutz, Partner at Peakside, added: “We have not closed any new rental agreements for this property as University Hospital Essen will use it as owner-occupier. We are in several lease negotiations for buildings from the Omega portfolio with the plan to sell them after stabilization.”