Real IS, the property arm of German lender BayernLB, has acquired Upper Westend Carree, an office complex in Frankfurt, for its Real IS BGV VII Europa portfolio.
The property, located in downtown Frankfurt, comprises approximately 7,000 m2 of office space. The seller is LBBW Immobilien Asset Management GmbH, which is based in Stuttgart.
Financial details were not disclosed.
‘The Frankfurt office market is reaping the benefits of the strong overall economic conditions in Frankfurt and Germany as a whole. We fully expect demand for high-quality office space to remain very strong, which will contribute to further positive rental price growth,' said Axel Schulz, Real I.S. AG’s global head of investment management.
'With its excellent location and flexible office space, Upper Westend Carree is thus an excellent investment for BGV VII,' Schulz concluded.