Redevco acquires first residential property in Germany Düsseldorf
March 4, 2020
Amsterdam, 4 March, 2020 – Redevco, one of the largest privately-owned real estate investment managers in Europe, has acquired a 38,000 sqm mixed-use property comprising a convenience retail floor and more than 280 residential units in Düsseldorf.
The asset, known as the Dieterich Karree, was purchased in an off-market transaction from Bayerische Versorgungskammer (BVK) for more than €100 million. This is the second transaction on behalf of Redevco’s specialist strategy to deploy €500 million in the residential sector in the Netherlands, Germany, Spain and the United Kingdom in the coming years.
Andrew Vaughan, CEO Redevco, said: “Dieterich Karree is an excellent example of the type of property that plays to our skills and expertise while allowing us to grow our exposure to residential assets in attractive urban areas. As an investor in retail and urban living, we can add value with our specialist knowhow and we look forward to continuing to deliver on our residential strategy.”
Constructed in 1978 and refurbished in 2013, Dieterich Karree is located in Düsseldorf-Pempelfort, a very popular residential neighbourhood very close to the city centre with many small-scale shops, cafés, bars and restaurants. The residential units were designed to attract a broad target group and are split over 10 residential blocks. The residential blocks are located on the first floor around a green and quiet courtyard.