Cushman & Wakefield advises on sale of office and commercial building on Westenhellweg in Dortmund
The retail investment team of Cushman & Wakefield, one of the world's largest real estate consultancies, has successfully advised an institutional investor on the sale of an office and commercial building in Dortmund. The buyer is a family office.
The property, located on Westenhellweg, a section of the central shopping street in Dortmund's city centre, was built in the 1960s and renovated in the 1990s. It comprises a total lettable area of around 3,000 m2, half of which is office space and half retail space.
The property, located on a plot of around 1,000 m2, is fully let. The WALT, the weighted average remaining term of the existing leases, is about five years.
Andreas Siebert, Head of Retail Investment Germany at Cushman & Wakefield, comments: 'The transaction shows that Cushman & Wakefield is also very well positioned outside the top 5 cities and has a resilient local network. At the same time, the deal, which was characterized by a strong buying interest of numerous investors, underlines that the price expectations of sellers and buyers are increasingly converging, which is leading to a growing dynamic of market activity.'
