Frankfurt/Main, Langenfeld (Rheinland), 26.05.2020. Following extensive asset management activities and successful repositioning, NAS Invest & Bluerock Group sold the so-called “Campus Elisabeth” in Langenfeld near Cologne to an institutional investor. The parties agreed not to disclose the purchase price for the property with 12,500 square metres of total GLA.
Only two years ago, NAS Invest and Bluerock acquired the property, which was built at the turn of the millennium. At the time, the building had a vacancy rate of 20 percent and a weighted average lease term (WALT) of only two years. Within 24 months, NAS Invest upgraded the building to an attractive office property by carrying out comprehensive renovation and maintenance measures. Investments were made primarily in roof renovation, technical building equipment and structural fire protection.
At the time of sale on 30 April 2020, the property, was renamed as part of its repositioning. The new name “Campus Elisabeth” refers to the Elisabeth-Selbert-Street in which the building is located. Elisabeth Selbert was one of the co-authors of the German constitution. The property is now fully let, at a WALT of six years. The SME tenants of the multi-tenant property are mainly from the IT sector.
Langenfeld is located between Cologne and Düsseldorf, which can both be reached in less than half an hour by car or public transport. Several suburban train stations and direct
access to the A3 and A59/A1 motorways provide fast connections to both cities. Langenfeld is part of the Rhine Ruhr metropolitan region – the largest in Germany with over 10 million inhabitants. As the most southern city in the district of Mettmann, it is a preferred office location for companies that benefit from the low trade tax rates compared to the larger cities in its vicinity.
Brokers Corealis and Rheinwert advised in the “Campus Elisabeth” transaction. The sellers NAS and Bluerock received legal counsel by Mittelstein Rechtsanwälte.