HIH Invest has acquired the iconic Dreischeibenhaus in Düsseldorf together with institutional investors as part of a club deal. The seller is the Schwarz-Schütte family, which will continue to participate in the investment structure. The landmark property in Düsseldorf's Central Business District (CBD) is to be held in the portfolio for the long term. The purchase price was not disclosed.
The listed Dreischeibenhaus is one of the best-known office buildings in Germany. The building, which was completed in 1960 and extensively revitalised by the seller Schwarz-Schütte in 2014, has 32,239 square metres of rental space, of which around 29,800 square metres is office space. The property is supplemented by catering, storage and archive space as well as a total of 276 parking spaces. The property is LEED Gold certified and is almost fully let. Tenants include Hogan Lovells, Gleiss Lutz, DLA Piper, A&O Shearman, Kearney, Jones Lang LaSalle and LGT Bank.
"With the Dreischeibenhaus, we are acquiring one of the most distinctive office properties in Germany. The combination of a central location in Düsseldorf's CBD, high building quality, long-term leases and a diversified tenant portfolio makes the property an attractive investment for institutional investors. In addition, the property benefits from the growing focus of tenants on first-class locations and premium furnishings, which is leading to stable demand for high-quality space, especially in the top office markets," says Felix Meyen, Managing Director of HIH Invest.
Patrick Schwarz-Schütte (Black Horse Properties) adds: "The Dreischeibenhaus has been an essential part of our portfolio for many years. With HIH Invest, we have found a long-term partner who shares the special quality and importance of this property. Through our investment, we will remain connected to the property in the future."
The Dreischeibenhaus is located between Königsallee and Hofgarten in Düsseldorf's Central Business District. The sub-market is one of the most attractive office locations in the state capital and benefits from continued high demand for high-quality office space.
The legal and tax due diligence was carried out by Ashurst LLP. Drees & Sommer was responsible for the technical and ESG due diligence. BNP acted as broker on the seller's side.
