German office specialist the Wohninvest Group has acquired the Innovapark office complex in Sulzbach near Frankfurt am Main from Commerz Real.
Financial details were not disclosed.
'The purchase of the Innovapark is a further milestone on our path to growth. In the past 12 months, we have acquired real estate valued at more than € 200 mln and currently have a real estate portfolio worth more than €500 mln,' said Bernd Fickler, CEO of Wohninvest Holding.
'The Innovapark is a modern and high-quality building complex. We are convinced of the further potential of the property,' Fickler added. The group plans to further optimise the property through asset management to increase the value.
The asset in Sulzbach has a leasable area of around 20,600 m2 and is almost fully occupied. In addition to around 670 parking spaces, there is a staff restaurant and a fitness area. Long-term tenants include cosmetics company Cosnova Beauty, IT service provider CGI and software provider Diamos. It was built in 2001.
Commerz Real was advised by CBRE. Law firm Kasper Knacke advised the Wohninvest Group.