NAS Invest has acquired the Horizon Tower in the Frankfurt suburb of Eschborn in an off-market transaction for an undisclosed amount.
The seller of the multi-tenant office complex is an investment fund managed by J.P. Morgan Asset Management.
The transaction was structured as a club deal, with investors primarily brought in from among the core shareholders of Bergos, a Zurich-based private bank, and from Sollors & Co., a Hamburg-based consultancy for corporate finance and asset management.
The office tower complex, built at the beginning of the 2000s, was formerly known as Arcor Haus and later as Vodafone Tower. The ensemble consists of a curved main tower with wing structures extending from either side. The central building element is 88 metres high, with twelve elevators connecting the 23 floors. The complex comprises total rental space of some 41,000 m2 as well as almost 900 parking spaces.
Roughly 80% of the Horizon Tower is already under lease to well-known tenants such as Deutsche Bahn, Korean electronics group LG, and Anglo-Australian metals and mining group Rio Tinto.
NAS Invest will continue to manage the leasing of the office complex. The property already boasts “BREEAM Very Good” green building certification.
Meyer Brown and White & Case (legal due diligence), Hauck Schuchardt (tax due diligence) and CBRE (technical due diligence) and NAI apollo acted as advisors on the transaction.