PATRIZIA acquires office and business building in Mainz for private investor fund

PATRIZIA MAİNZ

PATRIZIA Immobilien AG has purchased an office and business property in Mainz for a new private investor real estate fund. The five-storey building in an excellent central location offers a total rental area of approximately 48,000 square metres in the form of offices, medical practices and day clinics, retail and restaurants, as well as theatre and leisure facilities. “The characteristics of this exceptionally located mixed use building with its attractive mix of tenants on average, long remaining rental terms, make for a strong and sustainable investment,” explains Joachim Fritz, Managing Director of PATRIZIA GrundInvest. The property was sold by UBS Real Estate GmbH. The parties have agreed to keep the sale price confidential.

The office and business building, built in 1997, is located in the middle of the city centre, on the edge of the historic part of town next to the Rhine River and is on a plot of land measuring approximately 22,000 square metres. Approximately 31,000 square metres of the rentable area is office space. Another 3,700 square metres are suitable for medical practices and day clinics, and approximately 5,000 square metres for retail and restaurants. The principal tenants include the State of Rhineland-Palatia, Deutsche Bahn, the Federal Office for Goods Transport, the Allianz Insurance Company, Kimberly Clark, the Cologne Business School, the restaurant chain Vapiano and the retail chain Rewe. The number of visitors and the attractiveness of the building has been significantly increased in recent years by upgrading the tenant mix and immediate surroundings through the completion of two residential property developments and investing in the property. The property includes two lower levels with more than 800 underground parking spaces.

In addition to the well-known tenants in the property, many renowned companies and institutions, such as the five-story Hyatt Regency Hotel, the German head office of DB Schenker Rail, the Chamber of Crafts, as well as the Technical University of Mainz, can be found in close proximity.  Andreas Heibrock, Managing Director of PATRIZIA GrundInvest, says for this new private investor fund, which is now the sixth public AIF by PATRIZIA GrundInvest, “we would like to attract approximately EUR 64 million of equity from private investors, for which annual pay-outs are projected to average five per cent before taxes”. The scheduled term of the fund is initially circa 10 years. It is possible to join the fund with just EUR 10,000. The fund is scheduled to be issued in the first half of 2017.

Source: PATRIZIA

, , , , ,