Munich-based multi-family office Pamera Real Estate Partners says it is taking advantage of investment opportunities that materialise even during the coronavirus crisis.
The boutique company, which has around €600 mln of assets, has completed a deal for an office property in Eschborn, near Frankfurt, for an undisclosed sum.
The property, at Frankfurter Strasse 20, which was constructed in 2016, provides a lettable area of more than 5,300 m 2, comprising around 5,000 m 2 of office space and 300 square metres of storage. It also includes 169 car parking spaces. The asset is fully let with a weighted average unexpired term of the existing leases being over ten years. An international jewellery and watchmaking group is the largest tenant and has established its German headquarters in the building.
Christoph Zapp, founder and managing partner, said, ‘Even during the coronavirus crisis, we are staying active for the families we represent, and we are taking advantage of investment opportunities that materialise.'
He added, ‘The property in Eschborn was particularly interesting for us because its cash flow is secure in the long term and it has potential for multi-tenant occupation in the future. What's more, as an office location Eschborn is becoming strongly established as a good alternative to Frankfurt.’
TSZA Schilling Zutt & Anschütz Rechtsanwaltsgesellschaft mbH provided the undisclosed vendor with legal advice on the transaction. The Böttcher & Fischer Rechtsanwälte law practice advised Pamera.
This latest deal follows news earlier this month of the purchase in Dusseldorf of an office property from M7.