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HIH Invest has sold the justice centre at Rudolfstraße 46 in Erfurt. The buyer of the property is KGAL Investment Management GmbH & Co. KG. The transaction was carried out as part of an asset deal. The property belonged to the portfolio of a fund managed by HIH Invest. The purchase price was not disclosed.
The Erfurt Justice Centre is a central administrative and court location of the Free State of Thuringia. The property has around 19,400 square metres of rental space and is fully let. In addition to office and special areas, a total of 225 parking spaces are available to users, 97 of which are in the underground car park. The tenant is the Free State of Thuringia, which will use the location on a long-term basis. The building complex houses the district court, the state labour court, the state social court and the public prosecutor's office, among others. The use is supplemented by service areas and a canteen.
"With the sale of the Erfurt Justice Centre, we have successfully placed a stable, long-term leased infrastructure property on the market for our investors at an attractive sales price," says Daniel Asmus, Head of Transaction Management Office Germany at HIH Invest. "The property is characterized by a state-owned tenant with a strong credit rating and a long-term perspective at the location. Accordingly, the interest on the buyer side was great."
The building, which was completed in 1999, is located in the Petersberg administrative district of Erfurt. The flexible floor plan structure with standard floors, each with 2,900 square metres of usable space, which can be divided into up to four units, and a clear room height of over three metres enable the implementation of individual office concepts for the tenants.
The marketing of the property was supported by BNP Paribas Real Estate and legal advice was provided by Norton Rose Fulbright.
