Düsseldorf: IKB sells HQ for €230mn
Cells Property Investors has acquired the headquarters building of IKB Deutsche Industriebank in Düsseldorf together with an international investor. The seller of the office complex on Wilhelm-Bötzkes-Straße 1/Uerdinger Straße 88-92 is IKB Deutsche Industriebank itself, who will remain the main tenant. According to market insiders, the purchase price was roughly €230mn with a factor of 33. IKB had bought the building, which was completed in 1997 and has 57,600 sqm floor space, in 2015 for about €185mn. The property is located in the north of Düsseldorf, in the immediate vicinity of the office sub-market Kennedydamm, and is said to have a vacancy rate of 40 %. It is now to be established as a multi-tenant building. Savills advised the seller exclusively. The buyer was legally advised by Greenberg Traurig, the seller by Hogan Lovells.
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