ABG Capital, ABG Real Estate Group’s investment management entity, has acquired recently refurbished office property Sky Eschborn from the Frankfurt-based project developer Cilon, on behalf of a club of institutional investors.
The total investment volume was around €113 mln.
Centrally located at Frankfurter Strasse 60-68 in Eschborn, a town in the Frankfurt Rhein-Main urban area, Sky is fully let under long-term leases to a range of international businesses including Hyundai Mobis as a main tenant, plus Hyundai Glovis, Manpower Germany, and Orion Engineered Carbons.
Piotr Bienkowski, managing partner of ABG Capital, said: 'With Sky, we are acquiring an ultramodern property in a prime location within a highly attractive sub-market of the Frankfurt metropolitan region.
'Sky offers outstanding potential for the future, both in terms of the location’s further development as well as regarding the property’s equipment and highly configurable office space.'
Sky is a is a twelve-storey commercial office building with a distinctive façade in natural stone. It features an aggregate rental area of approximately 19,800 m2, including around 19,000 m2 of office floor space with flexible floor plan layout, plus around 600 m2 of restaurants.
The property also offers 325 outside and underground car parking spaces, including 16 charging points for electric vehicles.
The property was built in 1998, and extensively revitalised to new-build quality in 2021 and 2022 by Cilon.It has been certified Very Good by BREEAM.
Philipp Feldmann, managing director of Cilon said: 'Over the past few years, we have been able to comprehensively revitalise SKY Eschborn and create modern working environments.
'I am very pleased that we have now found a sustainable and far-sighted owner for the property in ABG Capital, who appreciates the strengths of the property. I would like to thank everyone involved for the very successful cooperation.'
Concluded Bienkowski: 'Thanks to its flexible floor plan layout, Sky perfectly captures the zeitgeist for “New Work”. A top-quality refurbishment, preserving the original building fabric, has provided a major contribution to the positive ESG profile.'
ABG was supported by Ashurst (legal/tax advice), and CBRE (technical and ESG advice). The seller was advised by BNPPRE (transaction advisor), CMS Frankfurt (legal advice), and Ebner Stolz (tax advice).
BNP Paribas Real Estate brokered the transaction. Debt finance was provided by a syndicate of DZ HYP and Volksbank Mittelhessen.