Deutsche Investment just acquired a building complex in the Stadtmitte district of Düsseldorf that divides into 29 residential and four commercial units and has around 3,000 square metres of lettable area. The acquisition was transacted on behalf of the “Deutsche Investment – Wohnen V” special real estate fund.
The acquired property in Düsseldorf consists of a mixed residential/retail building as well as a multi-family residential. The current total lettable area is around 3,000 square metres and offers a diversified mix of popular dwelling sizes. In addition, 52 bicycle parking spots are available to tenants on the premises. All units of the complex are tenant occupied.
In addition to the sought-after downtown location, highlights include that the property was upgraded to modern energy standards during its shell-and-core refurbishment which used sustainable construction methods. These aspects underscore the forward-looking character of the property and meet the requirements of present-day living and working.
“The modern mix of the use types residential, co-working and social amenities represents an optimal blend for the inner-city location. What makes this investment special is that the conversion of a former office scheme into well-appointed apartments created residential accommodation in the heart of the city. This means that the grey energy that went into the building’s construction—the so-called embodied carbon—continues to serve its purpose. In the context of the property’s life cycle, it is clearly a greener approach than it would have been to demolish and rebuild.
So, it responds not just to the dire housing shortage but also contributes substantially to environmental protection,” summarised Gilbert Merz, Director Transaction Management at Deutsche Investment Kapitalverwaltung AG.
“We are pleased to say that we managed to complete another attractive investment in Düsseldorf. By doing so, we expanded our percentage of Class A city assets, furthered our ESG sustainability objectives, enhanced our portfolio quality and also reached the fully invested stage for our Deutsche Investment Wohnen V special AIF,” elaborated Sascha Basic, Member of the Management Board of Deutsche Investment Kapitalverwaltung AG.
During the transaction, Deutsche Investment was advised on legal aspects by the Vesthaus Rechtsanwälte PartGmbH law firm, on tax matters by the Peter Schaefer tax consulting firm and in regard to technical due diligences by CBRE Berlin. The company Aengevelt acted in an advisory role during the transaction.