AEW acquires 10,700 sqm office building in Wiesbaden, Germany
AEW announces the acquisition of a 10,700 sqm office asset in Wiesbaden, close to Frankfurt, Germany. The asset was acquired from IFM Immobilien AG on behalf of a French institutional investor.
The building forms part of the so-called Kureck development in Wiesbaden’s Central Business District and comprises 7 floors of modern newly built office space as well as 200 parking spaces. The property is fully let to the federal state of Hessia’s Ministry for Social Affairs and Integration on a fixed 20-year lease.
Gereon Kohlgrüber, Head of Investments Germany at AEW Europe said: “This asset is an attractive investment proposition, being a class A development in a prime location in a German city that is showing strong underlying fundamentals, combined with a 20-year, inflation-linked, bond-like income stream.”
Volker de Boer, CEO of IFM Immobilien AG, added: “With the sale of the ‘Sonnenberger Strasse 2/2a’development set to be completed in 2017, IFM Immobilien AG has once more underlined its capacity as a successful project developer. The purchaser will obtain a truly outstanding property in Hessia’s capital which is set to deliver a strong performance over the upcoming years. The asset represents the initial phase of one of the biggest and most important project developments in the whole Rhein/Main area. The transaction was finalized in a very swift and smooth manner and we congratulate AEW for having acquired a fully flexible property with a long-term lease for their client.”
GreenbergTraurig advised AEW while Waldeck advised IFM on this transaction.