TA Europe recently advised Art-Invest Real Estate on the Wolkenbügel transaction and completed a technical due diligence for the multi-building Port Event Center in Düsseldorf’s media harbour district.
The object, which is known in the market under the name “Wolkenbügel”, is characterized by its architecture, which was designed by the Cologne architect Norbert Wansleben. The extraordinary building was at the center of news reporting in the early 2000s, when the event building served as the presentation venue of the Olympic bid of the city of Düsseldorf and later as the in-nightclub “3001” and the rehearsal room of the band ‘Toten Hosen’.
The TA Europe team found the combination of a listed harbor building and the modern “Wolkenriegel” lying above it as a special challenge and advised Art-Invest Real Estate on the Wolkenbügel transaction. As a member of the transaction team, TA Europe has contributed to a successful acquisition – in particular, evaluating and examining the potential of the nightclub venue usage and its related development costs in a feasibility study.
The task of the Wolkenbügel transaction involved:
- Assessment of existing building fabric including technical building equipment
- Presentation of the risks identified in the course of technical due diligence
- List of the damages and assessment of repair / renovation costs in a CAPEX table found in the course of the technical due diligence
- Inspection of stock documents and reconciliation with the building permit
- Verification of conformity with fire protection
- Examination of the contamination risks
- Examination of the pollutant risks
Our Managing Director, Sebastian Frohwann, comments: “The Wolkenbügel transaction was a highlight for the TA Europe transaction team in 2016. Both the building, due to its exceptional architecture and the particular task of our customer in terms of possible usability variants, demanded a lot of know-how from our specialists. I am also very pleased that our results have contributed to a successful transaction. “