A La Française collective real estate investment vehicle, represented by La Française Real Estate Managers, has acquired its first property with life science occupancy in Germany from a closed-end net lease fund advised by Crescendo Real Estate Advisors LLP.
The property is located at Lina-Ammon-Strasse 10 in the EUROCOM Business Park, southeast of Nuremberg, with excellent transport access and a subway connection.
The Nuremberg Exhibition Center is located in the immediate vicinity. The EUROCOM Business Park is optimally connected to the public transport network via the U1 subway line (subway station "Scharfreitering/EUROCOM" within walking distance, which leads to Nuremberg's main train station in 11 min.) and several bus connections. Below the business park is the public underground parking garage with 300 parking spaces and direct access to all buildings.
The prestigious and almost completely glazed 6-story light industrial and office building was used in 1995/1996 as the central administrative headquarters and warehouse/logistics location of the Nuremberg textile retailer Wöhrl AG. After insolvency and move-out of the previous owner, the building was completely renovated in 2019/2020 as the new global headquarters and development production site of the medical technology company Ziehm Imaging GmbH. In addition to the global headquarters, Ziehm operates the manufacturing of state-of-the-art X-ray equipment in the building. The light industrial and office building is fully leased, with Ziehm Imaging occupying the main part of the building.
Mark Wolter, Managing Director of La Française Real Estate Managers Germany, comments: “We are pleased to announce the acquisition of our first life science property in Germany. This acquisition is perfectly in line with our strategy to diversify our German real estate portfolio regionally as well as by type of use, always paying special attention to ESG criteria. We are positive about the long-term attractiveness of the property itself, the asset class and the location.”
Thomas Reckers, Portfolio Manager of Net Lease Fonds at Crescendo Real Estate, comments: “It has been a pleasure working with the team at La Française Real Estate Managers Germany. As the final investment in our first net lease fund, the sale allows us to settle and distribute the net proceeds to our investors.”
La Française Real Estate Managers was advised on the legal aspects by Baker Tilly Rechtsanwaltsgesellschaft mbH and by CBRE Group GmbH on the technical due diligence and ESG valuation. JLL handled the marketing of the property on behalf of the seller. Gleeds (technical), CTP Asset Management (property management) and KNH Rechtsanwälte (legal) supported the seller.
