HIH Invest acquires Cecilienpalais in Düsseldorf

HIH Invest Real Estate has purchased the Cecilienpalais, a four-story office building in a prime riverside location in Düsseldorf, Germany, for an undisclosed price.

Cecilienpalais

The building, constructed in 2010, features a natural stone façade and offers 3,245 m2 of nearly fully leased rental space, along with 60 underground parking spaces. 
The acquisition provides a stable cash flow due to its diverse and financially strong tenant base, and its flexible layout and high-quality interiors offer good potential for future re-letting or alternative uses. 
Daniel Asmus, head of Transaction Management Office Germany at HIH Invest, explained: “The outstanding location of the Cecilienpalais in the Rheinboulevard submarket won us over. With its proximity to the Kennedydamm subway station, the site is easily accessible by public transport. Düsseldorf's main train station and city centre can be reached within minutes. Cecilienallee borders the renowned Rheinpark Golzheim, a popular local recreation area.”
The acquisition was made for the open-ended special AIF “Deutschland Selektiv Immobilien Invest II”. The fund, which follows an Article 8 strategy under the EU Disclosure Regulation, focuses on energy-efficient office properties in attractive locations in German growth cities and the country’s top seven metropolitan areas. 
Due diligence was carried out by Hogan Lovells and Drees & Sommer. CBRE, Clifford Chance, and Brand Berger advised the seller. IC Immobilien Gruppe acted as the local management partner on behalf of the seller.