Europa Fund II pre-lets at Hofgarten Palais, Düsseldorf (DE/UK)
Thursday 7 February 2008
Europa Capital LLP, the general partner of Europa Fund II, has announced the pre-letting of 5,234 m² to Management Engineers GmbH & Co KG at Hofgarten Palais, the prime Düsseldorf office and residential project at Bleichstrasse/Goltsteinstrasse, owned through its Luxembourg subsidiaries. At the same time, it announces that development financing was secured during the Autumn from Corealcredit Bank AG.
The freehold project is in central Düsseldorf, adjacent to the Hofgarten, the City’s central park and close to the iconic Thyssen Tower (the ‘Dreischreiben Haus’). It is also opposite the renowned Schauspielhaus theater and approximately 100 meters from Schadowstrasse, one of the City’s strongest retail streets. The development will comprise 13,150 m² of air-conditioned offices on ground and six upper levels with 1,500-2,000 m² floorplates and two entrances at either end on the Bleichstrasse and Goltsteinstrasse frontages. Nine apartments with one to three bedrooms each are also being constructed for sale in the two buildings at Nos. 16 and 17 Goltsteinstrasse while No.18 Goltsteinstrasse is to be a four-story, three- to four-bedroom town-house - a rarity this close to the amenities of the City center. All the residential units will overlook the Hofgarten in one direction and the landscaped courtyard in the other. Demolition of existing structures (including the support of two Listed facades) has been completed, and foundation works are underway. Project completion is anticipated Quarter One 2009.
Management Engineers GmbH & Co KG, a leading German-based international management consultancy, has entered an agreement to lease 5,234 m² spanning the entire fifth and sixth floors and parts of the lower floors accessed from the Goltsteinstrasse entrance, for an initial term of 10 years at an initial rent of €21 per m² per month. The Company will take occupation from April 2009, following completion.
Commenting, Erik Ruane, development director at Europa Capital, said, “It is pleasing to see that Corealcredit shares our confidence in the premium quality of the development by arranging financing at a time when credit markets have been turbulent. We are also delighted that a company of the calibre of Management Engineers has made this commitment at an early stage of construction. Interest in the remainder of the office space continues to be very good.”
Development management of the project is by PBG Frankfurt and construction management by i-manage, with both of whom Europa Capital have co-operated on a number of previous projects, most notably, the recent Kronprinzbau the 25,000-m² office and retail development in downtown Stuttgart. Aengevelt Immobilien is the letting agent for the development, IID represented Management Engineers.
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