Canada Life buys office building in Düsseldorf’s banking quarter

The Canada Life Assurance Company has now acquired the office building Breite Strasse 3HOCH5 in Düsseldorf’s banking quarter. The vendors are the three investors MOMENI Project Development, the NPC Group und HCI Developmentfonds I. The purchase price amounted to a double-digit million figure. The net initial yield lies considerably below 5 %. Together with the Irish property services company HWBC, Colliers Trombello Kölbel Immobilienconsulting GmbH advised the purchaser after CTK had already brokered a lease with the law firm CMS Hasche Sigle as the main tenant for over 4,000 m² of the space.

Breite Strasse 3HOCH5 was built on one of the last development sites in Düsseldorf’s banking quarter and was already fully let before completion last year. The seven-storey building offers altogether around 6,500 m² gross floor area of office and retail space. The high-profile Hamburg architects Bothe Richter Teherani (BRT) were commissioned for the design. This was their first project in the North Rhine-Westphalian capital.

The site in the established banking quarter is one of Düsseldorf’s prime locations. It is distinguished particularly by its close proximity to Königsallee, the leading German luxury and fashion street, and to a large number of well-known banks, important consultancy companies, notaries, tax accountants and auditors.

Founded in 1847, The Canada Life Assurance Company, (Canada Life) was Canada's first domestic life insurance company. Today the Company provides insurance and wealth management products and services from coast to coast in Canada, and internationally, in the United Kingdom, Isle of Man, the Republic of Ireland and Germany. Canada Life is a subsidiary of The Great-West Life Assurance Company. Great-West, together with its subsidiaries London Life Insurance Company and Canada Life has more than $153 billion in assets under administration. Canada Life and Great-West are members of the Power Financial Corporation group of companies.

MOMENI Projektentwicklung GmbH, a project developer with its headquarters in Hamburg, specialises in the development of office and retail buildings in inner-city locations. For this it operates as investor or co-investor and supplier of property services.

The NPC Group specialises in the development of hotel and office properties and also offers the construction management and the project control. Since 1989 NPC has developed, let and marketed more than 550,000 m² throughout Germany. The total volume of investment amounts to around 250 million euros.

The HCI Group, founded in 1985, creates closed-end funds and structured capital investments in the areas: ships, property, private equity, umbrella funds, secondary market life insurances and also reconstruction plans. More than 100,000 clients up till now have invested 5.2 billion euros of equity capital out of a total volume of investment of over 13.27 billion euros in 468 issues. HCI Capital AG has been quoted on the stock exchange since October 2005. Since December 19, 2005 HCI has been listed in the SDAX and since September first, 2006 in the Hamburg Regional Index HASPAX as well.

Press contact:
Gabriele Stegers
Colliers PropertyPartners
Trombello Kölbel Immobilienconsulting GmbH
Steinstrasse 1-3
40212 Düsseldorf
Germany
Telephone +49 (0)211-8 620 62 48
Fax +49 (0)211-8 620 62 62

Colliers Trombello Kölbel Immobilienconsulting GmbH is a real estate consultancy operating on a national and international level. The company offers the following services: Leasing of office and commercial space, acquisition and disposition of commercial property, strategic and conceptional advisory service regarding real estate, transaction advice and extensive market research. Joining the property association Colliers PropertyPartners Trombello Kölbel is a legal entity and member of Colliers International. This global affiliation of legally independent property services companies is represented with over 10,000 employees in around 260 offices in more than 50 countries.

This release was published on openPR.