Düsseldorf: Warburg-HIH buys Airport City office building project
Warburg-HIH Invest Real Estate has acquired the “Shift” office building under construction in the Airport City business area at Düsseldorf International Airport. It has been reported that the purchase price is €33mn amounted to a multiplier of 24. The seller is Dragon Bauprojekt, a wholly owned subsidiary of Red Dragon Holding which is backed by Semih Simsek, one of the founders of the fashion brand Liebeskind. The new office building, located on Klaus-Bungert-Straße 7, will have 6,370 sqm of lettable space and will be transferred into the “Deutschland Selektiv Immobilien Invest” fund. The sole tenant for ten years is the internationally active tax consulting company WTS. Completion is scheduled for summer 2020. Red Dragon was advised exclusively on the sale by Colliers International.
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