Commerz Real sells “Quatron” in Düsseldorf to AEW special fund
Commerz Real has sold the Düsseldorf office complex “Quatron” for approx. 62.3 million euros to the property investor AEW Europe for the latter’s special fund “City Office Germany”. This corresponds to a probable internal rate of return (IRR) of 6.1 per cent. The transaction was concluded through Institutional Investment Partners as the master financial investment management company (KVG).
“Quatron” is located in the Mörsenbroich district in the immediate vicinity of the distinctive ARAG tower building and has a total rental space of approx. 22,000 square metres. Completed in 2004, it has been owned to date by the Commerz Real closed-end real estate fund CFB 145. Commerz Real is also the main tenant, with one of its two main sites alongside Wiesbaden located in the building. “This will not change in the future,” underlines Dr. Andreas Muschter, the Chairman of the Board of Managing Directors of Commerz Real. “We will continue to shape our corporate growth together with our colleagues in Düsseldorf.” The current lease agreement runs until 2022, and has three five-year extension options.
The seller was advised on the transaction by Colliers International and provided with legal consulting by Hogan Lovells Düsseldorf.