Dortmund buys office buildings for 67 million euros - new course!
Dortmund buys office buildings for 67 million euros - new course!
The city of Dortmund took over an office building on the "Dortmund U" for around 67 million euros in a significant step. The complex, which is located in Rheinische Strasse 1, will be used by the city itself in the future. This sale follows an off-market process in which Hanover Leasing acted as a fund and asset manager for an audience fund. The company managed the property since its acquisition in 2010 as part of a forward deal.
The economic transition of the property should take place by 2025. Up to this point, the Big Hospital, the previous main tenant, will move out. In the course of the economic transmission, the fund company is also dissolved as planned. Hannover Leasing was supported in this transaction by Cubion Immobilien and the legal advisors of Willkie Farr & Gallagher. This was reported by Immobilienmanager.de
Development at the Dortmund U-area
The city of Dortmund has completed the development of the Dortmund U-area in parallel to the sale of the office building. This also includes the sale of the last free construction site on Rheinische Strasse. This property has an area of around 3,600 square meters and was previously used as a parking lot. The expression of interests for the property was extremely successful and met with great response.The goal of the planned new development is to ensure the urban planning and structural rounding of the location. In particular, the Entry function from the south is taken into account. The investor plans to build an office building with a gross floor area of around 10,000 square meters and its own underground car park. The purchase price reflects the high level of land value at the Dortmund U-area, as from reported.
market development in Dortmund
Developments in Dortmund fit into a positive trend on the office property market. In the third quarter of 2024, Dortmund recorded an area turnover of around 74,500 square meters, which represents a significant increase compared to the previous year. The rental sales were around 66,000 square meters through rentals and 8,500 square meters by owner users.
The largest lease came from the city of Dortmund itself, including the rental agreement for the youth welfare office above around 9,700 square meters in the "Hexagon". Despite a vacancy rate of 5.9 percent, which rose by 1.2 percent, the market expects a total office sales of over 100,000 square meters for 2024. This information comes from a current update of cubion.de .
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