Frankfurt-based GEG German Estate Group has purchased an office property in Frankfurt's Sachsenhausen district from BMO Real Estate Partners for around €50 mln.
The Palazzo Fiorentino asset, which includes 11,000 m2 of office space and 102 underground parking spaces, has been acquired for the manage-to-core-fund 'GEG Deutschland Value I', the fund manager said.
According to GEG, the deal was secured in a bidding competition.
All of the building’s office space is let to Bankhaus Metzler. The property was constructed in 2001 and comprises a ground floor plus six upper floors.
During the deal, the buyer was advised by Bögner Hensel & Partner (legal and tax) and CBRE (technical), while the seller was advised by JebensMensching (legal and tax).
CBRE brokered the transaction.