Hines acquires Commerzbank building in Düsseldorf's banking district

(DÜSSELDORF, GERMANY) Hines, the international real estate firm, has acquired KOE37 in a prime location of Düsseldorf’s CBD in a joint venture with a German pension fund. The acquisition was made in an asset deal from Deutsche Fonds Holding (DFH). The property is currently leased to Commerzbank and covers around 39,000 square meters. It is located on Königsallee, Benrather Strasse, Breite Strasse and Trinkausstrasse. With the Commerzbank's move out, scheduled for the end of 2020, a comprehensive repositioning of the existing property is planned.

Benjamin Biehl, Managing Director and Head of the Hines office in Düsseldorf: “KOE37 is a very exciting new property in the direct vicinity of our already completed projects Kö-Quartier, Carlsquartier, Kasernenstraße and Benrather Karree, which fits perfectly with our current strategy. We would like to strengthen the outstanding position of Düsseldorf's banking district with a further high-quality development.”

Quartier KO37 offers 34,500 square meters of leasable space and 215 underground parking spaces. Accents, such as the characteristic corner development directly on the world-famous Königsallee, provide excellent visibility.

Hines was advised on the transaction by Pöllath & Partners, EY and CBRE Valteq. The seller was advised by GSK Frankfurt am Main (legal) and Grunert Steuerberatung Duisburg (tax).

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion of assets under management, including $75.5 billion for which Hines serves as an investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totalling 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organisations in the world.

Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 55 cities in 13 countries, with €22.7 billion of assets under management, including €19.8 billion for which Hines serves as an investment manager and €2.9 billion for which Hines provides third-party property-level services, in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.

Visit www.hines.com for more information.