Premium investment: DIFA purchases office property in prime city centre location
Premium investment: DIFA purchases office property in prime city centre location
Hamburg, 20. September 2004 – Hamburg-based DIFA Deutsche Immobilien Fonds AG has acquired the Rellinghaus building, which is situated in one of the most desirable office locations in Essen, for around 150 million euros. “The Rellinghaus building proves that good properties in prime locations are still available in Germany,” comments Dr. Frank Billand, member of the DIFA Management Board.
The Rellinghaus transaction was made on behalf of the open-ended real estate fund DIFA-Global which, as the name indicates, has a strong international focus and was established on 1 April 2004. Acquisitions of this kind are designed to help minimise risk during the start-up phase and provide a solid foundation on which to build an international portfolio. DIFA recently added the Capella and Le Cap properties in Paris to the holdings of the new fund, as well as Le Levant in Boulogne. The latest acquisition boosts the fund’s assets to some 312 million euros.
The property is occupied by the international RAG Group and the Association of Mining Interests (“VbI”) on long leases. According to Dr. Billand, “The Rellinghaus building is one of the Ruhr area’s prime properties and represents a stable, attractive long-term investment for DIFA-Global.” The property’s advantages include its first-rate location with direct links to Essen’s main station, local public transport and the A40 autobahn.
One of Essen’s landmark buildings
Located to the south of Essen’s main station, the Rellinghaus building is part of an outstanding business park which is home to Hochtief and RWE, as well as RAG. Kettwiger Strasse, one of the busiest shopping streets in Germany, is conveniently situated nearby.
Ten of Germany’s top one hundred companies (in terms of turnover) are based in Essen. The city has direct access to the largest local transport network and highest concentration of motorways, canals and ports in Europe. In addition, there are several airports within a radius of 100 kilometres, including Düsseldorf International Airport and the regional airports of Essen/Mühlheim and Dortmund.
The Rhein/Ruhr region is of major importance to Europe’s economy. Technology, trade and services are represented here alongside mining and steel production. Research and development activity has been an important factor in replacing the traditional smokestack industries, and approximately a fifth of the 100 largest German companies are headquartered in the area. They include seven blue-chip, DAX-listed companies: Deutsche Telekom, Metro, Bayer, Henkel, E.On, RWE and ThyssenKrupp.
With its integrated transport infrastructure, the Ruhr area plays a pivotal role in the movement of goods and has become one of Europe’s biggest logistics hubs.
Press contact
DIFA Deutsche Immobilien Fonds AG
Dr. Susanne Kaschub
Caffamacherrreihe 8, 20355 Hamburg, Germany
Tel: +49 40 3491 9139, Fax: +49 40 3491 9190
E-mail: susanne.kaschub@difa.de
