(Essen, 17.03.2022). The Lindenallee 29–41 complex in central Essen was built by architect Peter Zindel between 1898 and 1901 and comprises approximately 16,800 m² of lettable space. The striking sandstone building shapes Essen’s cityscape. It is a true architectural rarity, as few connected building complexes of this size in the Ruhr region, the industrial heart of western Germany, survived the Second World War. The building received the Bernhard Remmers Prize for the heritage-sensitive restoration of its approximately 2,500 m² façade. The prize is awarded every two years by the Bernhard Remmers Academy for outstanding craftsmanship in the conservation of historic buildings. The exterior retains the atmosphere of the early 19th century. Inside, modern office space can be configured to suit each tenant’s needs.
KGAL, an investment and asset manager operating across Europe and based in Grünwald near Munich, acquired the late-classical building in central Essen for its KGAL Core 4 fund. During the revitalization that began in 2018, it placed great importance on high-quality, modern finishes in the redesigned rental and entrance areas, as well as preserving the original character of the building in a holistic and faithful way. This also reflects the principles of sustainability, which are closely linked to the investment strategy of the KGAL Core 4 fund.
The fund is also aware of its responsibility to protect the natural foundations of life and the climate for future generations. Innovative approaches are being pursued to achieve the most sustainable and resource-efficient operation and use of the property possible. For construction work and ongoing operations, solutions are being sought that are environmentally sound, economically viable, and considerate of people.
KGAL Core 4 strategy:
The investment strategy of this Article 8 fund under the EU Disclosure Regulation is closely linked to sustainability. It invests in premium city-center locations with excellent public transport access within walking distance. Numerous studies show that these locations have a positive impact on the environment, health, and communities. Direct benefits include lower emissions and improved air quality due to reduced car traffic.
To reinforce its ESG focus, the fund has participated in the GRESB (Global Real Estate Sustainability Benchmark).
The benchmark for real estate funds is complex. The fund has commissioned an external consultancy specifically to ensure compliance with the underlying requirements.
GRESB is a mission-driven, industry-led organization that provides financial markets with actionable and transparent environmental, social, and governance (ESG) data. It collects, validates, scores, and compares data to provide business intelligence, engagement tools, and regulatory reporting solutions for investors, asset managers, and the wider industry.
The fund achieved a score of 65 points in its second year.
Measures to date include switching to CO2-neutral electricity, consolidating energy procurement to optimize contract terms, installing smart meters throughout the property, and linking users to mobility information to encourage public transport use.
Work Inn GmbH, one of the leading providers of flexible office solutions in the Ruhr region, leased approximately 754 m² at the property in 2019 and has now expanded its space by 704 m² out of conviction. “We offer office solutions for innovative minds. Environmental awareness and sustainability are important topics for our customers and for us. Lindenallee 29–41 is an absolute pioneer in Essen in this regard, and its proximity to the main station and sustainable renovations make it the perfect location for us,” says Tim Schabsky, founder and Managing Director of Work Inn.
Restructuring within the building will make space available again in this prestigious property. Essen-based real estate advisor Brockhoff OFFICE has been appointed to market it. “I am sure the vacant space will quickly attract new users. Flexible floor areas are available,” predicts Tobias Altenbeck, member of Brockhoff’s management team and contact for property inquiries. All key information about the complex and available space is also on the website at www.brockhoff.de/office.
The property is continually optimized in response to market conditions, and further conceptual ideas can create additional space options. This can even accommodate large-scale users ideally within the building.