Hannover Leasing: New retail fund buys “Quartier West” in Darmstadt
Corestate subsidiary Hannover Leasing is launching a new closed retail fund with €63mn investment volume. The new fund will invest in the office and hotel complex “Quartier West” currently being built in Darmstadt’s “Telekom-City”, which consists of an office building with 9,205 sqm lettable space and a Moxy Hotel with 178 rooms. Corestate intends to collect €32.5mn in equity, investors can get on board with a minimum of 10,000 Euro. Relative to their equity contribution, they will receive a forecasted total distribution of about 146.4 % after the end of the ten-year term in 2029. Annual distribution will be 4.1 %. The two properties developed by Unit Gesellschaft für Projektentwicklung are part of the 20 ha business and technology park TZ “Rhein-Main”. The office building is already fully let to four tenants; the hotel will be leased by Odyssey Hotel Group for at least 20 years.
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