AURELIUS Acquires Three Commercial and Office Buildings in Wolfsburg, Kassel and Duisburg
- Acquisitions in the double-digit millions
- Value creation sought through repositioning and modernising around 12,000 square metres of lettable area
- Strategic investment in central locations of secondary and tertiary cities
Luxembourg, 12 May 2021. AURELIUS Real Estate Opportunities (AREO), the Luxembourg-based real estate arm of the AURELIUS Group, just acquired three commercial and office buildings in high-street locations in Wolfsburg, Kassel and Duisburg. The occupiers represent primarily the sectors of public administration, medicine, automotive and legal. The properties were sold by an institutional fund (AIF) of Warburg-HIH Invest Real Estate. The purchase price is in the lower double-digit millions. At present, the gross lettable area in all three buildings approximates 12,000 square metres. The properties in Duisburg and Kassel are almost fully occupied. The property in Wolfsburg showed an occupancy rate of around 60 percent at the time the sale and purchase agreement was signed, although additional tenants have since been attracted and retained on new leases. The transaction involving the three properties was brokered by Cushman & Wakefield.
Hannes Eckstein, founding partner of the AURELIUS real estate group, commented: “The acquisition fully matches our value-add investment strategy. All three properties will be carefully positioned, selectively modernised and further diversified in their tenant line-up.” Jan Rehbock, the other founding partner of the AURELIUS real estate group, added: “We are deliberately focusing on central locations in secondary cities. Modern rental units in inner-city locations will remain subject to strong demand. By sustainably refurbishing and repositioning the buildings, we are putting new high-end spaces on the market in these three cities. It helps to drive a positive process of inner-city transformation.” The volume that AREO plans to have invested by 2024 equals c. 400 million euros. In Germany, the group is advised by AUREPA Advisors AG (AUREPA) as its exclusive investment and asset manager. Outside Germany, AURELIUS Advisors, based in Luxembourg and London, advises AREO in the same role as exclusive service provider.
The buyer was advised by Arnecke Sibeth Dabelstein (legal), Sonntag & Partner (tax) and L+P Technical Advisory (technical due diligence). Warburg-HIH Invest Real Estate received legal counsel by Ashurst LLP, Frankfurt.
AURELIUS Advisors SARL
2-4, rue du Château d’Eau
AURELIUS Advisors Ltd.
33 Glasshouse Street
London W1B 5DG
AUREPA Advisors AG
Unterer Anger 3
Web: www.aurelius-group.com; www.aurepa.com