Deka Immobilien GmbH has exchanged contracts to secure the purchase of the Tower 185 office skyscraper in Frankfurt am Main. The sellers are CA Immo Deutschland GmbH, WPI Fonds SCS-Fis, Fagas Asset GmbH and an additional pension fund company. The purchase price comprises approximately 775 million Euros. Ownership of the property will be shared by the open-ended real estate funds Deka-ImmobilienEuropa, WestInvest InterSelect and Deka-ImmobilienGlobal, as well as the WestInvest ImmoValue fund, an investment vehicle focussed upon institutional investors.
“The acquisition of Tower 185 is one of the largest transactions carried out in Germany in 2017,” stated Victor Stoltenburg, Head of Acquisitions and Sales Germany at Deka Immobilien. “This purchase allows us to acquire a high quality and exceptionally well-specified property within one of the most desirable real estate markets in Europe.”
The property was completed in 2011 and offers more than 100,000 m² of leasable space and 552 parking spaces. The building is the fourth tallest office building in Germany, is centrally located on Friedrich-Ebert-Anlage in the city centre and offers excellent access by public and private transport. It is leased to more than 20 high quality tenants with international interests under long-term leases, with PricewaterhouseCoopers (PwC) occupying more than 60 per cent of the space.
The building has received Leadership in Energy and Environmental Design (LEED) Gold certification as well as DGNB Gold certification for sustainable construction.
The buyer was advised on the acquisition by GSK Stockmann and Ernst & Young, additional advice was provided by CBRE and Drees & Sommer.
DekaBank is the Wertpapierhaus (securities services provider) of the German Savings Banks. Together with its subsidiaries it forms Deka Group, which has total costumer assets of approximately EUR 257 billion (as at 31/12/2016) and around four million securities accounts making it one of the largest securities services providers in Germany. It provides retail and institutional clients access to a wide range of investment products and services. DekaBank is firmly anchored in the Sparkassen-Finanzgruppe and designs its portfolio of products and services to meet the requirements of its shareholders and sales partners in the securities business.