PATRIZIA Immobilien AG has taken over the new building in the inner city of Kassel for a long-term rented office building. The office space has been let to the state of Hesse for 15 years, which would like to use the new building as a seat for the Regierungspräsidium Kassel. “The property is a high-quality property at a very good and established office location, which is leased long before completion. We are delighted to be able to leverage this investment opportunity for our customers, “said Daniel Dreyer, Head of Commercial Transactions at PATRIZIA. The purchase is made for a real estate fund managed by PATRIZIA directly from the project developer OFB. Silence has been agreed on the purchase price.
The high-quality office and commercial building has five upper floors and a lower floor and is currently being built in a central city location between Kurt-Schumacher-Strasse, Hedwigstraße and Mauerstraße. About 12,500 square meters of the approximately 14,000 square meters of usable space are used by the Regierungspräsidium Kassel as offices. Around 1,700 square meters of retail space on the ground floor have also been rented for a very long time to the second largest German retailer, Rewe, over 15 years. Due to the central location and the good infrastructure with a direct connection to the pedestrian zone, the building not only offers an optimal connection to individual traffic, but also offers optimal conditions as a retail location. This is how Patrizia made its third investment in Kassel.
PATRIZIA now manages a real estate asset of around six billion euros across Europe in the area of office real estate. “The strong demand for investments in office real estates is steadily increasing in expertise and an increasingly better network in the market,” explains Dreyer. As one of the leading European real estate investment companies, PATRIZIA has this expertise and offers institutional investors the opportunity to identify investment opportunities at an early stage and to invest successfully in this asset class.
Source: Patrizia, June 17, 2016
