PATRIZIA acquires Mülheim an der Ruhr city centre quarter
PATRIZIA Immobilien AG has secured an urban quarter in the city centre of Mülheim an der Ruhr for another real estate fund for private investors. The site, in a very good and central location, features offices, medical practices, care facilities, retail, gastronomy, leisure facilities and parking on a total rentable area of ??32 420 square metres. “This acquisition is characterised by a broad mix of properties as well as an attractive tenant mix in a very good central location. The average, long-term remaining rental agreements provide a good basis for a sustainable investment,” explains Joachim Fritz, Managing Director of PATRIZIA GrundInvest. A joint venture of Fortress Immobilien AG and GRS Beteiligungen GmbH, as well as Competo Capital Partners GmbH, is the seller of the property.
The property has a much diversified tenant structure spread across the approximately 20 rental units which make up the building. The main tenants within the building’s office and care spaces include the city of Mülheim as well as Alloheim respectively. In addition, Tristar will operate a Holiday Inn Express hotel out of the property. The quarter is currently being redeveloped in a central inner city location of Mülheim on the former Kaufhof site and is expected to be finished by the end of 2018 or early 2019. Mülheim is part of the Ruhr metropolitan region, one of the largest conurbations in Europe with about 5.2 million people.
“For the new private investor fund, which is expected to be placed in the second half of 2018, we aim to raise equity of around EUR 41.5 million for private investors who can expect projected annual disbursements of an average of 5.0 per cent before tax,” says Andreas Heibrock, Managing Director of PATRIZIA GrundInvest. Initially, the fund will have a duration of approximately ten years, with entry into the fund possible from EUR 10 000.