{"id":1004496784,"date":"2020-12-03T02:00:37","date_gmt":"2020-12-03T10:00:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004496784"},"modified":"2020-12-03T02:00:37","modified_gmt":"2020-12-03T10:00:37","slug":"hines-expands-footprint-in-germany","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-expands-footprint-in-germany\/","title":{"rendered":"Hines Expands Footprint in Germany"},"content":{"rendered":"
\"KOE37\"<\/a>

KOE37. Image courtesy of Hines<\/em><\/p><\/div>\n

Hines has plans for a comprehensive repositioning of its latest acquisition in D\u00fcsseldorf, Germany. The company, alongside a German pension fund as its joint venture partner, acquired KOE37 in an asset deal from Deutsche Fonds Holding for an undisclosed price. Hines was advised by P\u00f6llath & Partners, EY and CBRE Valteq, while the seller was advised by GSK Frankfurt am Main and Grunert Steuerberatung Duisburg.<\/p>\n

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READ ALSO<\/strong>: Survey: Office Demand Resilient Amid Stress<\/a><\/p>\n

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Located on the corner of K\u00f6nigsallee and Benrather Strasse, the 39,000-square-meter (approximately 420,000-square-foot) office building is currently leased to Commerzbank. The property offers 34,500 square meters (approximately 371,000 square feet) of leasable space and 215 underground parking spaces. However, Hines is planning a comprehensive repositioning of the property once Commerzbank\u2019s lease is due at the end of 2020.<\/p>\n

Benjamin Biehl, managing director and head of Hines\u2019 D\u00fcsseldorf office, said in prepared remarks that KOE37 was located near its other D\u00fcsseldorf properties, including K\u00f6-Quartier, Carlsquartier, Kasernenstra\u00dfe and Benrather Karree and fits the company\u2019s strategy of expanding its footprint in D\u00fcsseldorf\u2019s banking district.<\/p>\n

Growing the German portfolio<\/h2>\n

The acquisition of KOE37 comes several years after Hines\u2019 previous D\u00fcsseldorf acquisition of Carlsquartier in 2016. Alongside its D\u00fcsseldorf properties, Hines has amassed more than $8 billion in assets under management in its Germany portfolio since being established in 1991.<\/p>\n

The portfolio includes office, retail and mixed-use properties that are located in major German cities like Berlin, Hamburg and Stuttgart. The company made its debut in the Berlin office market in November 2019 with its $178 million acquisition<\/a> of a nine-story property. Hines also sold a 160,000-square-foot office property in Stuttgart<\/a> on behalf of its European Value Fund in April.<\/p>\n","protected":false},"excerpt":{"rendered":"

Alongside its joint venture partner, the company acquired a 420,000-square-foot office building in D\u00fcsseldorf.<\/p>\n","protected":false},"author":883,"featured_media":1004496814,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,16,21742,21747],"tags":[32789,32797],"class_list":["post-1004496784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-international","category-latest","category-office","tag-cbre","tag-hines"],"acf":[],"yoast_head":"\nHines Expands Footprint in Germany - 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\/hines-expands-footprint-in-germany\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hines Expands Footprint in Germany\" \/>\n<meta property=\"og:description\" content=\"Alongside its joint venture partner, the company acquired a 420,000-square-foot office building in D\u00fcsseldorf.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hines-expands-footprint-in-germany\/\" \/>\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=\"2020-12-03T10:00:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/KOE37_Gordon-Bussiek.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\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\/hines-expands-footprint-in-germany\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hines-expands-footprint-in-germany\/\",\"name\":\"Hines Expands Footprint in Germany - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-expands-footprint-in-germany\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-expands-footprint-in-germany\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/KOE37_Gordon-Bussiek.jpg\",\"datePublished\":\"2020-12-03T10:00:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8d4607aca26f3427c49fe54ddc82ddf1\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-expands-footprint-in-germany\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/hines-expands-footprint-in-germany\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-expands-footprint-in-germany\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/KOE37_Gordon-Bussiek.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/KOE37_Gordon-Bussiek.jpg\",\"width\":800,\"height\":620,\"caption\":\"KOE37. 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