German fund manager Deka Immobilien has reportedly been selected as the buyer of Tower 185 in Frankfurt for around €800 mln, according to the latest edition of EuroProperty, part of the PropertyEU Group.
The estimated price tag makes this one of the largest single-asset deals ever in Gemany.
Contacted by PropertyEU, Deka Immobilien and vendor CA Immo both said they do not comment on market rumours.
CA Immo is a Vienna-listed investor and developer in offices in Germany, Austria and CEE. The company announced in May that it was putting Tower 185 on the market for a price likely to exceed €800 mln - which at the time would have been the largest single-asset deal in German history.
The crown for the top single-asset deal in German history was claimed by Ontario Municipal Employees Retirement System (OMERS) of Canada earlier this month when it completed the acquisition of the Sony Center in Berlin for €1.1 bn. The acquisition from Korea's National Pension Service (NPS) had been anticipated by EuroProperty earlier in 2017.
At 100,400 m2 and 50 stories, Tower 185 is the fourth tallest skyscraper in Germany and is largely let to PWC which occupies 71,000 m2 of the building. CA Immo owns a 33% stake in the property. The remainder is owned by a pair of German pension funds following a deal struck in 2013 that valued the building at €500 mln.
The report of the sale of Tower 185 comes, according to EuroProperty, as investors have put €3.5 bn of Frankfurt CBD offices up for sale in order to capitalise on demand driven by
the city’s positive prospects.
See the latest edition of EuroProperty for more details of the assets on the market in Frankfurt.
EuroProperty is PropertyEU Group's weekly print and online publication
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