Ares Management’s Real Estate Group and EDF Invest acquire IKB office building in Düsseldorf
A joint venture between real estate funds managed by Ares Management Corporation and EDF Invest has acquired the IKB office building in Düsseldorf, Germany from IKB Deutsche Industriebank. The transaction closed on 28 February 2019.
Built in 1997, the property comprises approximately 58,500 square metres of gross leasable area, split across two distinct but connected buildings. It is located in Kennedydamm, a prominent office submarket of Düsseldorf, and key tenants include IKB, Helaba, Colt and Berkshire Hathaway. IKB will remain the largest tenant in the building.
The joint venture plans to transform the property from a primarily owner-occupied bank headquarters to a modern, multi-tenant office campus. Cells Property Investors is the local operating partner of the joint venture.
The transaction is the Ares Real Estate Group’s latest acquisition in Germany and its fifth acquisition in Düsseldorf over the last two years. Ares has transacted close to EUR1.8 billon in Germany over the last 24 months.