This 10-floor high office property from 1972 with close to 9,000 sqm space is located in an excellent office location in the centre of Mannheim. The property has recently been stripped down to its concrete skeleton and subsequently been developed to an upscale standard. The complete redevelopment has been conducted under the premise of sustainability. A green building certificate (DGNB – silver) has been awarded. The very efficient floor plans in combination with a clear height of 2.9 m as well as the possibility of subdivision into letting space from 300 sqm upwards offer a highly flexible usage concept for the tenants.
The acquisition process of the property included besides the usual due diligence and negotiations with the seller also the finalisation of a leasing contract with a tenant for 75% of the space as well as a complete construction contract with a general contractor. The transaction was completed with full equity within 6 weeks. The remaining vacant areas have been let prior completion of the redevelopment works.
The building has been sold to AXA Investment Managers – Real Assets after completion and letting of the entire building.