HIH Invest Real Estate Acquires Dreischeibenhaus in Düsseldorf Via Club Deal With Familie Schwarz-Schütte
HIH Invest Real Estate has acquired the Dreischeibenhaus, a heritage-listed office tower in Düsseldorf's Central Business District, through a club deal with institutional investors, the Hamburg-based investment manager announced Sept. 9. The Schwarz-Schütte family, the seller, retains a co-investment stake in the structure, and the asset is intended to be held long-term. BNP acted as broker on the seller's side.
Deal Structure and Advisers
The transaction was structured as a club deal, with HIH Invest Real Estate acquiring the Dreischeibenhaus alongside institutional investors. The Schwarz-Schütte family, which has owned the property through its Black Horse Properties vehicle, sold the asset but remains a co-investor going forward.
Ashurst LLP handled legal and tax due diligence for the transaction, while Drees & Sommer was responsible for technical and ESG due diligence. BNP acted as broker on the seller's side.
"With the Dreischeibenhaus, we are acquiring one of Germany's most distinctive office properties," said Felix Meyen, managing director of HIH Invest. "The combination of a central location in Düsseldorf's CBD, high building quality, long-term leases, and a diversified tenant portfolio makes the property an attractive investment for institutional investors. The asset also benefits from tenants' growing focus on prime locations and premium amenities, which is driving stable demand for high-quality space, particularly in top office markets."
Patrick Schwarz-Schütte of Black Horse Properties added: "The Dreischeibenhaus has been a core part of our portfolio for many years. In HIH Invest, we have found a long-term-oriented partner that shares the special quality and significance of this property. Through our continued participation, we remain connected to the asset going forward."
Property Overview: 32,239 Square Meters, 96% Occupied
The Dreischeibenhaus was completed in 1960 and underwent a comprehensive revitalization by the Schwarz-Schütte family in 2014. The heritage-listed building sits between Königsallee and Hofgarten in Düsseldorf's CBD and offers 32,239 square meters of total rentable area, of which approximately 29,800 square meters is office space. The remainder comprises gastronomy, storage, and archive space. The property also includes 276 parking spaces and carries LEED Gold certification.
The building is approximately 96% leased, with a tenant roster that includes Hogan Lovells, Gleiss Lutz, DLA Piper, A&O Shearman, Kearney, Jones Lang LaSalle, and LGT Bank — a mix weighted toward international law firms and professional services firms that typically prioritize CBD, high-specification office space.
Düsseldorf Office Market Context
The acquisition comes as Düsseldorf's broader office market reflects a widening divide between prime and secondary assets. Overall office vacancy in the city stood at approximately 12.3% at the end of 2025 and was tracking around 11.8% — roughly 1.12 million square meters of immediately available space — through the first half of 2026, with further increases anticipated from new completions.
Despite rising overall vacancy, prime CBD rents have held firm. Prime rents in Düsseldorf's CBD reached €46 per square meter per month in 2025 and into 2026, up approximately 5–6% year-on-year. The weighted average rent across the market rose to approximately €20.09 per square meter per month at end-2025, about 7% above the prior year, and climbed further to roughly €20.78 per square meter per month in the first quarter of 2026 — nearly 17% above the same period a year earlier.
Vacancy increases have been concentrated in speculative completions and older buildings that no longer meet modern occupier requirements, while CBD vacancy has risen more moderately and demand for high-quality, sustainable space has remained resilient. Against that backdrop, the Dreischeibenhaus — a LEED Gold-certified, heritage CBD asset with near-full occupancy and a blue-chip tenant base — sits squarely in the segment of the market continuing to attract institutional capital.
Office investment volumes in Düsseldorf have also shown renewed momentum, with investment volume quadrupling year-on-year to €417 million in the first quarter of 2026, reflecting strong appetite for core assets in the city's prime submarkets.
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