International real estate advisor Savills advised a German project developer in the sale of a 12,000 sq m (129,166 sq ft) mixed use property in Schützenstrasse, Dortmund, to a Netherlands-based international investor for approximately €25m.
International real estate advisor Savills advised a German project developer in the sale of a 12,000 sq m (129,166 sq ft) mixed use property in Schützenstrasse, Dortmund, to a Netherlands-based international investor for approximately €25m.
The building is 97% let and consists of 7,100 sq m (76,423 sq ft) of office space and 3,000 sq m (32,291 sq ft) of retail space. A further 1,200 sq m (12,916 sq ft) has been let to the City of Dortmund on a 20-year lease for a day care facility for children.
The property is situated in the north of central Dortmund in the most populated part of the city and within walking distance of the main train station.
Panajotis Aspiotis, Regional Director for Savills Germany, says: "This transaction is further evidence that foreign investors are very interested in quality assets with long-term leases outside Germany’s top five markets."