The Cologne-based multi-family office for real estate assets DERECO has sold the “DreiEins” office complex in the Pempelfort district of Dusseldorf, Germany, to Swiss Life Germany. “DreiEins” is situated in an established area for new developments in Dusseldorf named “LeFlair.” In total, the project covers a surface of approx. 4,500sqm. It is in line with the gold criteria for sustainability by the German Sustainable Building Council (DGNB). In 2013, DERECO had acquired the property by way of a forward deal for one of its Dutch family offices from a joint venture between Hochtief Projektentwicklung (HTP) and Interboden. When HTP exited the JV in 2015, DERECO purchased the nearly completed property. Its vacancy rate amounted to approx. 50%.
“Vacant space was gradually let and furbished by means of active asset management. At the same time, new real estate investments in the immediate vicinity upgraded the whole area. By concluding the sales contract, we successfully delivered on our asset strategy,” says Jörg Kohlhaus, Head of Investment & Asset Management at DERECO. The “DreiEins” hosts a total of ten business tenants. Adelta Finanz AG has rented the largest amount of floor space – about a quarter.
For this transaction, Swiss Life Germany obtained consultancy from Corpus Sireo, Stock Aders Klein + Partner, Munich, Dornbach GmbH, Munich, and Brand Berger, Munich. DERECO was given advice by TaylorWessing, Berlin, and Drees & Sommer, Dusseldorf.
The parties involved agreed not to disclose the selling price.
“We are extremely pleased about how much the property has grown in value and it’s fantastic to see the private placement has worked out. Portfolio shifts are an ingredient of our new strategic alignment. Available cash is re-invested in the short and medium term in value-add and opportunity projects,” says David Noll, Chief Investment Officer on the Management Board of DERECO.
For further purchases, DERECO is looking for existing buildings and land likely to grow in value. In this context, DERECO’s preferred categories of real estate are offices, housing, retail and hotels. In addition, DERECO is searching for land to develop. Investment volumes range between at least €20m for individual properties and up to €500m for large-scale developments of new neighbourhoods. Besides premium locations, prospering cities and conurbations with a population of at least 250,000 are being considered.


Press contact:

DERECO Holding GmbH
Mr Pedro Garcia
Phone: +49 221-280 535-0
Fax: +49 221-280 535-11
E-mail: p.garcia@dereco.de