Cording buys 25,000 sq m office complex in Dortmund from DB Privat- und Firmenkundenbank AG
Frankfurt, 1 August 2019 − Cording Real Estate Group (Cording), member of the Edmond de Rothschild Real Estate Investment Management Platform, has acquired a 25,000 sq m office complex on Hiltropwall in Dortmund. The transaction is part of a club deal for clients of the Edmond de Rothschild private bank and for a client of Cording. The vendor, DB Privat und Firmenkundenbank AG, has disposed of the property in the framework of the real estate strategy it adopted in 2017. The parties agreed not to disclose the purchase price.
The property on Hiltropwall, which was built in 1993, enjoys a prominent position directly on the Dortmund City Ring. The complex includes 376 parking spaces. DB Privat und Firmenkundenbank AG, which up to now has occupied the majority of the property itself, is leasing back around half the accommodation on a long-term basis.
BNP Paribas Real Estate brokered the deal, and Luther Rechtsanwaltsgesellschaft acted as legal adviser to DB Privat- und Firmenkundenbank AG. Clifford Chance advised Cording on structuring and legal issues. Cording's financing bank is the Hamburg Commercial Bank, formerly HSH Nordbank.