German-US fund manager Jamestown has bought the Areal Böhler at Hansaallee 321 in Düsseldorf-Heerdt from Austrian steel company Voestalpine for around €156 million.
The site used to be home to a steel production facility. Jamestown has invested in former industrial sites in the US before, such as Industrycity, but it is the first time the fund manager, with USD 13.2 billion of assets under management, has invested in this type of property in Germany.
Voestalpine has leased 34,000 square metres of office, production and warehouse space. Having taken almost 30% of lettable space, the company is the biggest tenant in Areal Böhler.
In total, the 230,000-square-metre site comprises 40 buildings covering 125,000 square metres. It is home to 180 companies employing 1,200 employees. About 18,500 square metres of space is used for fairs and events. Apart from a 10,000-square-metre hall, the site has been virtually fully let.