"Firecracker" at the start of the year:
Aengevelt Immobilien brokers a striking investment deal in Düsseldorf's Central Business District (CBD). This is a commercial and office building at Schadowstraße 78 and is a joint venture of a well-known German project developer.
The buyer of the prominent new building is Kronospan, the world's leading manufacturer of wood-based materials and laminate flooring with around 15,000 employees and 40 production sites worldwide.
With the investment, Kronospan, as a future owner-occupier, is also building its first German "Kronospan Design Center" in large parts of the ground floor. In the future, interior designers, designers and property developers will be able to experience and work with the latest trends from the Kronospan product range together with their customers – as is already the case in design metropolises such as Barcelona, London and Athens.
The property comprises around 1,930 m² GFA in one of the most frequented retail and service miles in Germany.
The transaction underlines the positive trend and the continuous revaluation of Düsseldorf and Schadowstraße as a top address. The exact purchase price was not disclosed. The purchase price multiplier is given as approx. 26 times.
The transaction was initiated by Aengevelt and successfully brokered and completed in intensive negotiations off-market. Christoph Mooren and Max Aengevelt were responsible.
KRONOSPAN was advised on legal and tax matters by Menold Bezler and EY, the seller side of GSK Stockmann.
Currently, further lease agreements for ground floor space are being finalized via Aengevelt, which, according to Aengevelt, confirms the continued brisk demand for premium retail space.
