CBRE Global Investors and Fabrica SGR, the advisor and asset manager of the Cicerone Fund respectively, have acquired Kö-Blick, an eight storey office building in Düsseldorf, Germany.
The property was built in 2012 and has achieved DGNB Platinum Certification. It offers Grade-A office space across highly divisible, attractive and flexible floor plates suitable for both small and medium sized businesses. It also comprises four residential units, located on the eighth floor, two retail units on the ground floor and 45 parking spaces.
The building is located in the heart of Düsseldorf’s business district on the corner of the Königsallee, the city’s high-end shopping destination, and Graf-Adolf-Platz, which boasts high visibility and accessibility by road and public transport. Düsseldorf is a BIG 5 city with a highly liquid and strong office market.
Michael Ness, Head of Separate Accounts EMEA, CBRE Global Investors, said: “Kö-Blick is a good example of where we have leveraged our global footprint and local market expertise to consolidate Cicerone Fund’s Pan-European portfolio, which has now increased its GAV outside Italy to c. EUR 250 million. The strong leasing market and limited availability of modern office space within the locality can only increase the likelihood of longer tenancy periods.”
Ulrich Oppermann, Head of Transactions, CBRE Global Investors in Germany said: “The characteristics of the submarket make Kö-Blick a highly sought-after asset and we expect this will attract significant interest from high-end office tenants at a time when demand continues to exceed local supply. This acquisition reflects our commitment to adding high quality assets to our portfolio.”
Giovanni Maria Benucci, CEO, Fabrica SGR, added: “The acquisition is consistent with the Fund’s investment strategy, focused on premium assets based in major European cities. With this new acquisition, the cross-border asset allocation of the Fondo Cicerone reached 27% of the overall Fund’s portfolio, in line with the investor’s geographic diversification targets. Moreover, the operation strengthens the Fund’s presence in German real estate by targeting (after Berlin) offices in one of the most liquid markets.”
CBRE Global Investors and Fabrica SGR were advised by Clifford Chance, and Drees&Sommer.
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.5 billion in assets under management* as of March 31, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
About the Cicerone Fund
Cicerone Fund is the real estate pan-European fund dedicated to Cassa Forense, the Italian first pillar private pension fund for lawyers and could reach EUR1 billion of investments, both by contribution and equity subscription. The asset portfolio is now made up of 40 properties, with a main focus on office and residential sectors for ca. EUR 860 million of total AUM.