{"id":1004308574,"date":"2019-03-15T09:04:19","date_gmt":"2019-03-15T17:04:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004308574"},"modified":"2019-03-15T09:04:19","modified_gmt":"2019-03-15T17:04:19","slug":"jv-acquires-german-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/","title":{"rendered":"JV Acquires German Office Asset"},"content":{"rendered":"
\"\"<\/a>

D\u00fcsseldorf<\/p><\/div>\n

A joint venture between real estate funds managed by Ares Management Corp. and EDF Invest has acquired the IKB office building in D\u00fcsseldorf, Germany, from IKB Deutsche Industriebank. A purchase price was not disclosed.<\/p>\n

The 629,688-square-foot property was built in 1997 and encompasses two separate but connected buildings. Located in the office submarket of Kennedydamm, key tenants at the property include IKB, Helaba, Colt and Berkshire Hathaway. IKB will remain the largest tenant in the building.<\/p>\n

The new owners plan to transform the property from a primarily owner-occupied bank headquarters to a modern, multi-tenant office campus. Cells Property Investors was tapped as the local operating partner of the joint venture.<\/p>\n

The deal marks Ares Real Estate Group\u2019s latest German acquisition and its fifth acquisition in D\u00fcsseldorf over the last two years. The company has transacted nearly $2 billion in Germany over the two years.<\/p>\n

Last month, the Hines European Value Fund acquired more than a dozen office buildings<\/a> that make up the Karshoehe Portfolio in Stuttgart, Germany, for more than $341 million. In January, LaSalle Investment Management purchased a Munich office portfolio<\/a> for $194 million.<\/p>\n

Image via Wikimedia Commons<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Ares Management Corp. and EDF Invest have teamed up to purchase the 629,688-square-foot IKB office building in D\u00fcsseldorf from IKP Deutsche Industriebank. <\/p>\n","protected":false},"author":745,"featured_media":1004308577,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,16,21783,21742,21747],"tags":[44687,44684,44690],"class_list":["post-1004308574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-international","category-investment","category-latest","category-office","tag-ares-management-corp","tag-edf-invest","tag-ikb-deutsche-industriebank"],"acf":[],"yoast_head":"\nJV Acquires German Office Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JV Acquires German Office Asset\" \/>\n<meta property=\"og:description\" content=\"Ares Management Corp. and EDF Invest have teamed up to purchase the 629,688-square-foot IKB office building in D\u00fcsseldorf from IKP Deutsche Industriebank.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-15T17:04:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/D\u00fcsseldorf_Panorama-e1552576229567.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"3419\" \/>\n\t<meta property=\"og:image:height\" content=\"2564\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/\",\"name\":\"JV Acquires German Office Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/D\u00fcsseldorf_Panorama-e1552576229567.jpg\",\"datePublished\":\"2019-03-15T17:04:19+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9259ffaba4775229ae3556b9555e566d\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/D\u00fcsseldorf_Panorama-e1552576229567.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/D\u00fcsseldorf_Panorama-e1552576229567.jpg\",\"width\":3419,\"height\":2564,\"caption\":\"D\u00fcsseldorf\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"JV Acquires German Office Asset\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9259ffaba4775229ae3556b9555e566d\",\"name\":\"Holly Dutton\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Holly-D-Dutton-e1622041566670.png?w=75\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Holly-D-Dutton-e1622041566670.png?w=75\",\"caption\":\"Holly Dutton\"},\"description\":\"Holly Dutton is a Senior Editor with Commercial Property Executive and Multi-Housing News. She joined CPE and MHN in 2018 and has reported on the real estate sector since 2012. She was previously with Real Estate Weekly and the Houston Chronicle. Connect with her on twitter: @HollyDutton\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/hollydutton\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"JV Acquires German Office Asset - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/","og_locale":"en_US","og_type":"article","og_title":"JV Acquires German Office Asset","og_description":"Ares Management Corp. and EDF Invest have teamed up to purchase the 629,688-square-foot IKB office building in D\u00fcsseldorf from IKP Deutsche Industriebank.","og_url":"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2019-03-15T17:04:19+00:00","og_image":[{"width":3419,"height":2564,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/D\u00fcsseldorf_Panorama-e1552576229567.jpg","type":"image\/jpeg"}],"author":"Holly Dutton","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/","url":"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/","name":"JV Acquires German Office Asset - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/D\u00fcsseldorf_Panorama-e1552576229567.jpg","datePublished":"2019-03-15T17:04:19+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9259ffaba4775229ae3556b9555e566d"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/D\u00fcsseldorf_Panorama-e1552576229567.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/D\u00fcsseldorf_Panorama-e1552576229567.jpg","width":3419,"height":2564,"caption":"D\u00fcsseldorf"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/jv-acquires-german-office-asset\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"JV Acquires German Office Asset"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9259ffaba4775229ae3556b9555e566d","name":"Holly Dutton","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Holly-D-Dutton-e1622041566670.png?w=75","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Holly-D-Dutton-e1622041566670.png?w=75","caption":"Holly Dutton"},"description":"Holly Dutton is a Senior Editor with Commercial Property Executive and Multi-Housing News. She joined CPE and MHN in 2018 and has reported on the real estate sector since 2012. She was previously with Real Estate Weekly and the Houston Chronicle. Connect with her on twitter: @HollyDutton","url":"https:\/\/www.commercialsearch.com\/news\/author\/hollydutton\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/D\u00fcsseldorf_Panorama-e1552576229567.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004308574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/745"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004308574"}],"version-history":[{"count":3,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004308574\/revisions"}],"predecessor-version":[{"id":1004309135,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004308574\/revisions\/1004309135"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004308577"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004308574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004308574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004308574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}