HIH Invest Real Estate acquires four-story core office property in club deal
HIH Invest Real Estate has acquired a core office property in the Bavarian city of Regensburg in a club deal on behalf of German institutional investors. The property was sold by a closed-end private investor fund managed by Real I.S. for an undisclosed amount.
The four-story “Netzwerk” office scheme features 28,545 square meters (307,255 square feet) of leasable area, as well as a recessed story with a roof terrace, three green courtyards, 600 parking spots and a smaller number of storage areas, in addition to office space.
The property is occupied by BayernWerk Netz, a subsidiary of E.ON group as its single tenant. BayernWerk Netz has the option to sub-let units to collaborative ventures and thus retain flexible control over its floor-space requirements. Overall, nearly 2,300 square meters (x square feet) are occupied by the WTS business consulting firm, the listed Thyssen Krupp Schulte industrial group and the Konzept Service marketing company.
“What makes Regensburg a compelling office location is the city’s high economic strength and its widely diversified demand for space, which is matched by a virtually depleted supply,” said Stefanie Wicke, senior fund manager at HIH Invest. “Over the years, the site on Lilienthalstrasse has established itself as a coveted high-end office location that supplements the inner city, specifically because of its convenient transportation access.”
HIH Invest launched a closed-end institutional fund for the club deal, which will be structured in accordance with Article 8 of the SFDR. The investment pool consists of seven institutional investors as well as the special AIF, HIH Deutschland Selektiv Immobilien Invest II.