Invesco scoops prime office complex in Frankfurt for €620m

Invesco Real Estate has purchased a prime office complex in Frankfurt’s central business district (CBD) for €620 mln.

Called Die Welle ('The Wave'), the property comprises 80,500 m2 and has recently undergone an extensive redesign and refurbishment by the seller, AXA Investment Managers Real Assets.

The mixed-use site consists mainly of office space, but includes hospitality, retail and entertainment elements. It also offers flexible floor layouts, place-making and asset management opportunities with which to meet the growing demand for flexible work space.

Commenting on the acquisition, Fabian Manegold, Invesco’s senior director of transactions for Germany, Austria and The Netherlands, said: ‘Die Welle is an exceptionally well-located cornerstone asset in the heart of Frankfurt’s CBD right next to the ‘Alter Oper’, with an excellent tenant mix, and is Frankfurt’s only urban business campus.'

The purchase brings Invesco’s European flagship strategy volume to more than €5 bn AUM.

Jon Pierce, senior director of fund management at Invesco said: ‘We are actively working to build a long-term sub-portfolio of prime CBD blocks in gateway cities around Europe, and this second acquisition, after Capital 8, is a great fit for the strategy.

'Die Welle’s scale provides strong options on business plan, combining strong upside potential and very low downside risk. Due to its size, Die Welle brings by nature multiple benefits to our strategy principally targeting resilient, durable, net operating income growth for our investors.’

AXA acquired the asset in 2013 along with the Neues Kranzler Eck building in Berlin, and executed a refurbishment of the public areas and exterior spaces, to create a new city centre destination.

Advising Invesco on the transaction was CMS, CBRE, Valteq and Deloitte.


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