GEG German Estate Group has acquired the Eurotheum office tower in Frankfurt from Commerz Real for around € 250 million.
The 110-meter building, comprising around 23,000 m2 over 31 storeys, is located in the center of the banking district (Neue Mainzer Strasse 66-68) near the Alte Oper concert hall.
Formerly the home of the European Central Bank, it was extensively refurbished in 2015 and now has several finance and insurance tenants including Commerzbank, Visa, Scope and co-working provider Mindspace.
Commerz Real's open-ended haus Invest fund owned the building since 1996.
For GEG, founded three years ago, the purchase means now has assets under management of more than € 3 bn. The transaction was carried out for the company's Institutional Business division.
Ulrich Höller, chairman of GEG's management board, commented: 'This purchase marks another milestone in GEG's young history. Including the acquisition of Eurotheum, we are now invested in nine landmark buildings in Frankfurt, especially in the banking district. '
"The Eurotheum is a perfect example of a successful value appreciation as a result of modernization and repositioning", said Andreas Muschter, CEO of Commerz Real. for our investors. '
BNP Paribas Real Estate and CBRE brokered the deal, with Hengeler Muller and Freshfields acting as legal advisers for the buyer and seller respectively.