Cording sells office building in Ulm Science Park to Arminius Group17 January 2019
Frankfurt, 17 January 2019 − The Cording Real Estate Group has sold an office building in the "Science Park", Ulm, to the Arminius Group. Arminius acquired the property for VOLKSWOHL BUND Lebensversicherung a.G.'s special AIF "VB Immo Select", which is managed by HANSAINVEST Hanseatische Investment-GmbH. The building has a total lettable area of 8,763 square metres. Including the 320 parking spaces, it is fully let on a long-term lease to an international tech group.
The "Science Park" high-tech location, on the Eselsberg hill in Ulm, features an extensive network of universities, clinics, research facilities and technology companies, employing around 8,600. Numerous well-known companies, including Audi as a research partner of Continental, BMW and Daimler, operate research centres in the immediate vicinity.
The transaction was brokered by Colliers International. The vendor's technical due diligence was carried out by CBRE GmbH, legal advice was provided by Fried, Frank, Harris, Shriver and Jacobson LLP. DU Diederichs Projektmanagement AG & Co. KG undertook the technical due diligence for the Arminius Group and KUCERA Rechtsanwälte Steuerberater Partnerschaft mbH the legal advice. The valuation report was compiled by NAI apollo. The parties agreed not to disclose the purchase price.