London/Cologne – ESTAma announces the sale of an office building in the Westphalian city of Minden, Germany to a subsidiary of DIOK RealEstate AG which plans to hold the asset long-term. The asset is fully-let to the Swiss group ABB AG, a Fortune 500 company operating mainly in robotics, power, heavy electrical equipment, and automation technology areas with an annual turnover of ca. 28 billion US-Dollars.
Daniel Grosch, CEO of DIOK explains the rational: “The property is a typical corporate real estate with a long-term tenant of excellent covenant which fits exactly into our investment criteria. The acquisition once again confirms our strategy of investing in office buildings in secondary cities in Germany with an attractive risk-return-profile.
The investment decision was supported by the low age of the building (built in 2001) as well as the good access and excellent micro location in a commercial area, adjacent to other well-known German Mittelstand companies like Melitta with its headquarters in Minden.
The seller, a fund advised by the US-based investment manager Marathon Asset Management, exclusively mandated ESTAma as its sales agent and transaction manager. The parties agreed to keep the purchase price confidential.