Westbrook Partners acquires FRITZ office building in Dusseldorf
Westbrook Partners (Westbrook), a private and globally-active real estate investment company, has acquired its first property in Dusseldorf, the FRITZ office building in the Seestern business district. The vendor was Deka Immobilien. The parties have agreed not to disclose the purchase price.
The building, at Fritz-Vomfelde-Strasse 14-20, was constructed in 1993. Its lettable area, of almost 17,000 square metres, is currently around 66 per cent occupied. The tenants include NEC Deutschland and Itochu. The building stands on a site of around 7,400 square metres, including some 300 parking spaces.
Westbrook, founded in 1994, concentrates on acquiring and enhancing the value of property in the office, residential, retail, hotel and industrial asset classes. In Germany, the investment focus is on properties and sites with value-add potential, in central locations in the top five cities.
The decisive factor for the acquisition of the property in the Seestern business district was the great potential for increasing the value of the vacant space in the property. The high-quality building also benefits from its attractive campus surroundings in a submarket of Dusseldorf that features high space absorption.
"The acquisition of 'FRITZ' fits perfectly into our investment strategy,” says Ruben Herrmann, Managing Principal at Westbrook. "We are confident that, by applying active letting management and carrying out modernisation work, 'FRITZ' will swiftly come into the focus of other attractive tenants. For the implementation of the business plan, we engaged the professional asset managers from the Dusseldorf team of Barings who already worked alongside us on this transaction.”
Savills and Drees & Sommer advised Deka Immobilien on the transaction. Ernst & Young and Brand Berger acted in an advisory capacity for Westbrook, who were supported in legal issues by the GSK Stockmann commercial law practice. Barings Real Estate Advisers have been instructed to carry out the asset management of the property.