Global investor AEW has acquired an office tower at Hahnstraße in Frankfurt’s submarket of Niederrad from Deka Immobilien.
Financial details were not disclosed.
The deal was struck on behalf of its city office Germany fund, a German real estate special alternative investment fund. The fund primarily focuses on identifying properties offering value potential in either established or developing areas within Germany’s top six cities according to AEW.
The property was previously held by the open-ended real estate retail fund Deka Immobilien Europa.
'Frankfurt-Niederrad is gradually transforming itself from a classic back-office location into a vibrant working and residential district, which aims to provide efficient and well-connected offices spaces such as the Quadra tower,' said Lars-Henning Pylla, fund manager of AEW's city office Germany fund.
The 14-storey Quadra building comprises 10,000 m2 of lettable area, as well as 159 parking spaces, and is almost fully occupied. The office property, which was refurbished in 2001, holds a LEED Gold certification.
'The acquisition further diversifies the fund’s portfolio through the inclusion of another German city and we expect to be active participants in the development of this location over the long-term,' concluded Pylla.
