Leverkusen / Düsseldorf, 28.09.2022 – Cube Real Estate GmbH, based in Leverkusen, has sold the Düsseldorf project Cube River 342 to the asset manager abrdn Standard Investments Deutschland AG (abrdn) from Frankfurt am Main. Abrdn is acquiring the project for the European flagship “Aberdeen Pan European Residential Fund” (“ASPER”). The modern property is located at Heinrichstrasse 83-85 and offers 181 furnished apartments with a rental area of around 4,600 m2. The former office and commercial building from 1965, which was previously owned by the company, was completely refurbished by Leverkusen-based project developer Cube Real Estate and completed in summer 2022.

In addition, abrdn has acquired a total of 302 furnished apartments with around 8,200^m2 of rental space at Cube Factory 577 (student accommodation component) in Leverkusen. Cube Factory 577 is located in the Neue Bahnstadt Opladen (nbso) urban development area at Fakultätsstraße 15-25 and combines student housing, owner-occupied apartments, offices and restaurants on around 22,000 m² of rental space. With the opening of the Leverkusen campus of TH Köln a few days ago, which is within walking distance, Cube Factory 577 (student accommodation component) offers students an attractive living and working environment. The property will be completed by the end of September 2022, just in time for the start of the TH Köln semester.

“The sale of two properties to an experienced asset manager like abrdn speaks for the quality of our projects. We focus on a good micro-location and high urban development quality so that our products work in the long term,” says Jean-Marc Fey, Head of Acquisitions & Sales and Project Management at Cube Real Estate.

Marc Pamin, Member of the Management Board and CEO of Living at abrdn, commented on the acquisition: “The Cube River 342 and Cube Factory 577 projects (student accommodation component) are in line with our strategy of investing in modern, high-quality residential properties in excellent locations. After the Cube Curve 468 project, we are also pleased to have realized two further transactions this year together with Cube Real Estate, thereby strengthening a long-term and successful business relationship.”

The commercial law firm GSK Stockmann was involved in the transaction on the buyer’s side, as were Loschelder Rechtsanwälte and the tax consultancy and law firm Ecovis KSO on the seller’s side. The technical due diligence was carried out by CBRE GmbH from Frankfurt am Main. Jones Lang LaSalle SE acted as broker for the transaction. The parties have agreed not to disclose the sale price of both properties.