Hannover Leasing, part of the CORESTATE Group, has launched a new closed-end property alternative investment fund (AIF).
The closed-end property AIF will invest in office and hotel assets.
The fund has acquired Quartier West, an office and hotel complex with 14,963 square meters (161,060 square feet) of space, situated in Darmstadt south of Frankfurt. The sales price was €63 million ($72 million).
Quartier West is located in the Darmstadt-West district near the main train station. It consists of two building parts: an office with 9,205 square meters (99,082 square feet) of rental space — which is already fully leased to four companies from service, technology, business and tax advisory sectors — as well as a hotel property with 5,758 square meters (61,979 square feet) gross floor area. The latter is leased for 20 years, including an extension option, to the Dutch hotel developer and manager Odyssey Hotel Group. The company will operate the hotel comprising
