BEOS AG, part of Swiss Life Asset Managers, has sold a business park in Westendstraße in Essen. The property had been in the portfolio of the “BEOS Corporate Real Estate Fund Germany III” (“CREFG III”) since 2017. The multi-tenant property, built around 2008, comprises around 16,500 square metres of rental space and 184 parking spaces on a plot of around 22,900 square metres. The property is fully let.
In recent years, the property has been continuously developed, including targeted measures for leasing and technical modernisation. These included energy-efficient modernisation, the renewal of emergency lighting, the installation of split air conditioning systems and additional measures for technical building and roof safety. The high occupancy rate was successfully secured over the entire holding period, most recently through the re-letting of two spaces last year.
“The sale underlines our active asset management approach and consistent portfolio management within ‘CREFG III’. Thanks to the continuous development of the site and the high occupancy rate, we were able to create additional value for the fund’s investors,” says Michael Kapler, Head Portfolio Management at Swiss Life Asset Managers in Germany and member of the Board of Directors of BEOS.
With the sale, BEOS is continuing its strategic portfolio optimisation within “CREFG III”, an open-ended real estate special AIF with a focus on corporate real estate in Germany. The fund invests in particular in modern business parks as well as warehouse, production and service properties with a diversified tenant structure in economically strong regions. The fund is administered by the service KVG INTREAL.
The transaction was accompanied by RUHR REAL. The buyer is Lagerhome, the multi-tenant industrial platform of GREYKITE in partnership with troveinvest. The purchase price was not disclosed.
