Commerz Real has divested the former corporate headquarters of E-Plus at E-Plus-Strasse 1 in Düsseldorf; the property was part of its closed-end real estate fund CFB 173 and has been sold to Advenis Germany. The latter plans to contribute the office building, which was renamed “Wings” in 2018 and has a leasable area of approx. 31,600 square metres, to its Eurovalys fund. It was agreed that confidentiality be maintained regarding the purchase price. The CFB 173 fund is being dissolved following the sale. In the course of its term of about twelve years the fund generated an average return of nine per cent.
“Following the successful repositioning as a multi-tenant property in a burgeoning location, we have now utilised the attractive market situation for a sale,” explains Maja Procz, Global Head of Transactions at Commerz Real. In 2019 Telefónica Deutschland reduced its volume of leased space in the building by about one third and implemented a modern space concept which allows for more mobile and more flexible working with the aid of desk-sharing. The available space was leased to TK Elevator Holding GmbH, the former elevator arm of Thyssenkrupp, in 2021.
Commerz Real was advised on the sale in the framework of a bidding process by Anteon and was provided with legal advice by the law firm Noerr.
