Global private equity company Carlyle Group is to develop a large office scheme in Dusseldorf city centre, after buying a site from German open-ended fund manager Deka.
Carlyle declined to reveal how much it paid for the site in Cencilienallee 6-9, which currently has a 90,000 sq ft office on it, but said it would start development next year on a 150,000 sq ft office scheme when the tenants leave the building in August 2009.
The office will be designed by Hamburg-based German architect Andre Poitiers and be developed by Carlyle Europe Real Estate.
Wulf Meinel, managing director at Carlyle, said: ‘As the region is one of the economically strongest and most stable in Germany we are confident that we can take advantage of the good prospects for redevelopment.’
‘This investment is totally in line with our strategy of identifying attractive properties with significant upside potential from demolishing existing outdated buildings and developing modern, state-of-the-art premises in strong local markets.’