HanseMerkur Grundbesitz AG acquires ‘Campus am Kunstpalast’ in Düsseldorf
Hamburg February 24, 2021. Shortly before the end of 2020, HanseMerkur Grundbesitz AG acquired the representative Düsseldorf Trophy Landmark office building, Campus am Kunstpalast, as part of a share deal. The state of North Rhine-Westphalia will be the tenant for at least 15 years. The seller of the property company is a joint venture between J.P. Morgan Asset Management and Indigo Invest.
As the top 5 location in Germany, the state capital Düsseldorf is the most important real estate stronghold in the Rhine-Ruhr metropolitan region. The office building is located in the popular Pempelfort district within walking distance of the ‘Nordstraße’ and ‘Tonhalle / Ehrenhof’ tram stations; the main station can be reached in five minutes. In connection with an urban planning competition, structural measures are planned that will lead to a further upgrade of the area around the Kunstpalast and the integration of this area into the Central Business District.
The 21,300 m² former corporate headquarters of the energy supplier e.on, which was built in 2001, is currently being modernized to a high standard for the new user, the Ministry for the Environment, Agriculture, Nature and Consumer Protection; Certification with the sustainability label BREEAM is aimed for. The rental period for the ministry is expected to start on July 1, 2021.
Ulrich Haeselbarth, authorized signatory at HanseMerkur Grund Vermögen AG, is convinced: “If you can want something as an investor, then it is exactly such property: a good location in one of the best locations, an attractive building and a long-term lease with a state tenant. “Less than five weeks passed between the start of the talks and the certification. “This is only possible with a professional, absolutely reliable partner!” Haeselbarth thanks the seller.
The investment consultants of the Düsseldorf branch of BNP Paribas Real Estate, Hengeler Müller and JLL, worked on behalf of the seller. The buyer received comprehensive legal advice on the transaction from Greenberg Traurig LLP.
A photo of the campus at the Kunstpalast is available for download here.
About HanseMerkur Grund Vermögen AG
HanseMerkur Grundbesitz AG bundles all real estate activities of the HanseMerkur Insurance Group under one roof. It is responsible for the management of a significant, steadily growing real estate asset and is establishing special real estate funds and other investment vehicles in which other institutional investors can participate in addition to the HanseMerkur Insurance Companies. Further information can be found under www.hmg.ag.