revaris GmbH, a company within the bema group specialising in the repositioning of complex existing and distressed properties, has acquired 'THE FIVE' office property in Düsseldorf-Golzheim. The acquisition of the property at Uerdinger Straße 5 was fully financed by the buyer's own funds. The seller was a Luxembourg-based property company. Confidentiality was agreed regarding the purchase price. BNP Paribas Real Estate acted as an intermediary in this transaction.
Marno Matthäs, Managing Partner of the bema group, explained that 'THE FIVE' project reflects revaris's business model. The company takes over projects that have stalled due to external circumstances, transforming them into economically viable and sustainable ventures. This will create high-quality office space in Düsseldorf that meets current ESG requirements, based on the existing building fabric and in line with the Code for Building Culture.
Prior to the acquisition, 'THE FIVE' project was in a state of construction standstill and had not yet achieved an operationally viable condition. revaris is focusing on structured completion and marketable positioning of the spaces in the Düsseldorf office market. The deliberate continued use of the existing building fabric serves to conserve resources and to retain already invested embodied carbon. The building is located in a prominent urban planning position and will be continued under new responsibility after a construction halt in 2023.
In parallel with the completion of the building, the leasing of the spaces will commence. The seven-storey building offers unit sizes between 90 and 5,300 square metres. The continuation of construction work on 'THE FIVE' property also generates momentum for the entire area by opening up prospects for the completion of construction work on the neighbouring residential building. The building structure allows for flexible floor plan concepts; terrace areas contribute to enhancing the quality of stay.
With 'THE FIVE', revaris is concretely implementing its business model of taking over, structuring, and economically transforming complex existing and distressed situations for the first time. The bema group contributes its expertise in project development, conversion, and ESG-compliant realisation. Marno Matthäs sees a growing need for partners for the structured further development of challenging existing and distressed projects and is holding talks with investors about further projects and joint ventures to expand the business model.
The location on a 1,681-square-metre plot in the Golzheim district, in the immediate vicinity of Kennedydamm, offers direct views of the Rhine, good connections to public transport as well as regional and national road networks, and public parking areas. As a service developer, revaris will technically and commercially modernise the property. Plans include upgrading the building envelope and technical systems, creating efficient space layouts for various user profiles, and implementing a leasing concept that accommodates flexible units.
Legal advice on the buyer's side was provided by Greenberg Traurig Germany LLP, DLA Piper UK LLP, and Kapellmann und Partner Rechtsanwälte mbB. Baker McKenzie Rechtsanwaltsgesellschaft mbH was mandated on the seller's side.
