Essen: Real I.S. sells office property to La Française

11/07/2019

Real I.S. has disposed of the office property “Rüttenscheider Strasse 1-3” in Essen from the closed-end real estate fund “DB Real Estate CityInvest Berlin, Düsseldorf, Essen”. The buyer is La Française Real Estate Partners International on behalf of a collective real estate investment vehicle of La Française. The parties have agreed not to disclose the purchase price. Real I.S. had acquired the property in 2004 for €41mn. The listed building was designed by Egon Eiermann. It has around 22,500 sqm and 343 underground and outdoor parking spaces. It is fully let to the energy provider Steag, which renewed its tenancy early with a ten-year lease last year. BNP Paribas Real Estate advised Real I.S. As part of an exclusive sales mandate. Hamburg law firm Görg Rechtsanwälte advised in legal matters; the buyer was advised in legal and tax matters by Clifford Chance LLP, and in technical matters from TA Europe.


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