Independent asset manager Schroders has acquired the Pollux office tower in Frankfurt from Blackstone's Officefirst property arm for a price over €220 mln.
The 32-storey scheme was bought on behalf of a joint venture with the Finnish pension fund Ilmarinen Mutual Pension Insurance Company and another international institutional investor.
Pollux was built in 1997 and was recently completely renovated. It provides 35,000 m2 of rental space, 95% of which is leased to renowned companies such as Zurich Insurance, HauckSchuchardt, the FinTech Community (the TechQuartier), Aon and Lavazza. The asset is currently under-rented, according to its new owners.
'After the CBD, the Europaviertel is one of the most important submarkets in the city, so we see potential for future re-letting in the future,' commented Philipp Ellebracht, head of Germany at Schroder Real Estate:
Mikko Antila, head of international real estate at Ilmarinen, added: 'The investment underpins Ilmarinen's strategy to increase geographic diversification within its real estate portfolio. With its central location, high building quality and long-term and secure income profile, Pollux meets all of our investment criteria.'
The deal was brokered by JLL.
