Union Investment Real Estate has acquired the Schwedler Carre office block in Frankfurt am Main, Germany, from real estate firm Max Baum Immobilien for EUR 25mln. The property is earmarked for the German firm's open-ended real estate fund Immo-Invest Europa. Comprising around 8,500 m[sup]2[/sup] of rental space, the property is scheduled for completion in the third quarter of 2009. Schwedler Carre is fully let on a long-term lease to Publicis Frankfurt, part of Europe's biggest communication network Publicis Groupe.
Union Investment Real Estate has acquired the Schwedler Carre office block in Frankfurt am Main, Germany, from real estate firm Max Baum Immobilien for EUR 25mln. The property is earmarked for the German firm's open-ended real estate fund Immo-Invest Europa. Comprising around 8,500 m2 of rental space, the property is scheduled for completion in the third quarter of 2009. Schwedler Carre is fully let on a long-term lease to Publicis Frankfurt, part of Europe's biggest communication network Publicis Groupe.
The Publicis asset is the first office complex to be built as part of a three-phase renovation of a former railway site in the Ostend district of Frankfurt. Other office and commercial premises with a gross floor area of 70,000 m2 are also part of the project. Supermarket chain Edeka is expected to unveil plans for a 5,200 m2 store on the site this summer, which will also include restaurants, cafes, bars and small shops.
The Ostend district of Frankfurt has been transformed in recent years from a largely industrial area to a vibrant, established office location. Union Investment noted that the European Central Bank recently decided to locate its new headquarters in the area and the company expects the regeneration process there will boost rental prices. Atisreal's Frankfurt office advised the buyer.