The EPISO 5 fund, managed by Tristan Capital Partners, together with its local partner, the Silverton Group (Silverton), has successfully sold an office property at Otto-Hahn-Straße 10 in Meerbusch, near Düsseldorf, to a US private investor. The parties have agreed not to disclose the purchase price.
The commercial property, built in 2006 on a plot of approximately 3,900 square metres, has a total lettable area of around 3,100 square metres. At the start of the holding period, the occupancy rate stood at around 33 per cent; the property was sold with a 100 per cent occupancy rate. Today, the property is let on long-term tenancies to four tenants with strong credit ratings; the weighted average remaining lease term (WALT) is around ten years. The property includes 64 outdoor and 19 underground parking spaces, including electric vehicle charging points.
“The completion of this transaction confirms that, even in the current market environment, there is demand for high-quality, sustainability-focused office properties with secure long-term cash flows,” comments Sebastian Steinert, a member of Silverton’s management board, whilst Mehmet Cinkilinc, Senior Real Estate Manager at Silverton, adds: “Active asset management combined with effective letting management forms the essential basis for value creation, even in supposedly peripheral locations.”
In addition to its excellent tenant mix, the office block is characterised by modern facilities and a contemporary sustainability concept. The building is fitted with an innovative concrete core cooling system for efficient cooling, as well as a modern gas condensing boiler. LED lighting fitted throughout further optimises energy consumption. The property is certified to the BREEAM Existing standard with a ‘Good’ rating.
The seller commissioned rheinwert immobilien gmbh of Düsseldorf to carry out a structured marketing process. The strong market response led to several solid offers and a swift conclusion to the sale. The seller received legal advice from Dentons and tax advice from PwC.
The buyer was represented and advised by Blackbear Real Estate. In addition, the buyer received legal advice from Weimer & Partner Rechtsanwälte PartG mbB, technical advice from Rekowski Dornscheidt Architekten PartmbB and tax advice from ECOVIS KSO Steuerberater + Rechtsanwälte GmbH & Co. KG (all based in Düsseldorf).
