Real I.S. AG has acquired a six-storey mixed-use building in Kasernenstraße in Düsseldorf for its special “Real I.S BGV VIII Europa” AIF.
A total rental area of 4,758 sq m comprises 2,838 sq m of office space and 1,270 sq m of retail space, along with storage and residential space. Vendor of the property is the Pan European Urban Retail Fund, launched by Aberdeen Standard Investments and La Française Real Estate Partners International. The parties have agreed to keep the purchase price confidential.
The multi-tenant property, built in 1954 and completely refurbished in 2011, has a 100 percent occupancy rate. The building is situated in Kasernenstraße in the Carlstadt borough of Düsseldorf, not far from the city centre and the popular Old Town nightlife area and within a few minutes’ walking distance of the Rhine. Kasernenstraße connects up Düsseldorfer Königsallee with the Old Town and Carlsplatz and consequently attracts very high footfall.
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“The central location and good public transport accessibility, as well as the leisure opportunities offered, all within walking distance, make this contemporary property a very desirable address, not only as an office location but also as a residential and commercial premises. The quality of the location is further enhanced by the completion of the Wehrhahn line as part of the city’s metropolitan rail system.
The property stands out for so much more than just its high footfall, however. The flexibility of its space and the quality of the building also enable long-term rental upside potential,” says Axel Schulz, Global Head of Investment Management at Real I.S. AG.