A joint venture between investment manager Peakside Capital Advisors and global private markets investment manager Partners Group, on behalf of its clients, has sold an office building from the former Omega portfolio to University Hospital Essen (Universitätsklinikum Essen).
The parties agreed not to disclose the purchase price.
The property in the Theodor-Althoff-Strasse encompasses around 21,600 m2 of office space as well as 450 parking spaces in an underground car park.
With the acquisition, University Hospital Essen expands its footprint in the city and is planning to move into the new location in 2023. The current occupancy rate of the property is 50%.
Thorsten Kaatze, commercial director and deputy chair of Universitätsmedizin Essen, said: 'The new property opens up a strategic opportunity for us. We can expand the clinical services at our original campus through the relocation of administrative functions.
'We can also expand and concentrate the activities of our professional medical schools at one location for the first time as well as offer expansion space for Research & Development in the new building.'
The property was part of the so-called Omega portfolio of which Peakside, via its Peakside Real Estate Fund III (PREF III), and Partners Group had bought the better part in 2018. It included 30 office and logistics assets, mostly in large German cities. Some 13 of the 30 buildings have been sold, corresponding to around a third of the overall rental space.
Boris Schran, managing partner of Peakside, said: 'The transaction in Essen has demonstrated the intrinsic value of the Omega portfolio once again. We are glad that we can offer University Hospital Essen space for its expansion plans.'
Simon Lutz, partner at Peakside, added: “We have not closed any new rental agreements for this property as University Hospital Essen will use it as owner-occupier. We are in several lease negotiations for buildings from the Omega portfolio with the plan to sell them after stabilidation.'
Broker Brockhoff GmbH advised the buyer. Marienburg Real Estate accompanied the transaction for the seller.