Frankfurt’s Trianon tower, one of the city’s tallest skyscrapers, is coming up for grabs in what will be a significant test of investors’ appetite for German offices.

The 186-metre-high complex is being marketed for sale after its owner, South Korea’s IGIS AM, filed for insolvency last year. Law firm Pluta has been appointed to oversee the insolvency case and advisors BNP Paribas Real Estate and CBRE have reportedly been mandated to manage the sale process.

The 68,000sqm tower last traded in 2018 when it was fully let for as much as €670m. The asking price in the new sale process remains unclear, but the asset is likely to sell for much less, given it is currently about half vacant.

Constructed in 1993, the scheme is located at Mainzer Landstrasse, in the centre of Frankfurt’s banking district. German asset manager Deka was a tenant for decades, occupying 60% of the building, but vacated the asset last year. The building currently houses part of Germany’s central bank Bundesbank.

Also this week, KLP acquired the Härolden 44 office building in Stockholm from Barings for €133m and Germany’s Union Investment sold Finsbury Circus House to a joint venture between Aware Super and Delancey for a price said to be around £140m(€162m).  

The off-market sale signals a turning point in the London office property market, the vendor said, claiming it is the first prime office transaction of scale in the City of London for a considerable period of time. 

Adam Irányi, head of investment management global at Union Investment, said: “The office segment is re-awakening from its slumber due to very strong fundamentals in the letting markets and a shortage of suitable product. The sale enables us to achieve our objectives to strategically optimise our portfolio and minimise future capital expenditure risk.”

Union Investment acquired Finsbury Circus House in 1992 for its open-ended real estate fund UniImmo: Deutschland. The property, which was fully let to the Bank of Tokyo at the time of purchase, was converted in 2012/13 by Union Investment into a multi-tenant property after the tenant moved out. 

Recently completed deals       
Asset Asset type Location Buyer Vendor Size Price (mln) Key facts
Dalata Hotel hotel Europe Pandox and Eiendomsspar Dalata shareholders 53 hotels €1400 Pandox and its 36% shareholder Eiendomsspar are offering Dalata shareholders €6.45 cash for each share.
Finsbury Circus House office London Aware Super and Delancey Union Investments 145,000sqft £140 (€162) Deal is the first prime office transaction of scale in the City of London for a considerable period of time.
Härolden 44 office Stockholm KLP Barings 10,000m2 SEK1480 (€133) In May 2018, Barings Real Estate acquired the office asset from Swedish fund manager Mengus for around €100m.
Hotel Banke hotel Paris Pontegadea Derby Hotels Collection 90rooms €97 The property will undergo a renovation before being rebranded under the Radisson Collection name, with plans to open in 2027.
Eight properties logistics Sweden Sagax NA 134,800m2 SEK910 (€81.6) The properties have a 99% occupancy and an average remaining lease term of 5.2 years.
Ashford Tesco retail Ashford, UK Supermarket Income REIT, Blue Owl Capital NA 93,000sqft £54 (€62) The deal reflects a net initial yield of 7%.
Hilton Garden Inn hotel Bucharest Israeli investor Apex Alliance 218 rooms €40 Apex Alliance will continue to manage the asset.
Elecnor HQ office Madrid Allegra Holding NA 6,000m2 €31 The asset is let with a 12-year term.
CAE Aviation Training Centre alternative Vienna INVESTIKA Real Estate Fund Propel Industrial Holding 8,077m2 €30+ The deal is the fund’s debt transaction in the Austrian market.
two industrial facilities logistics Madrid Delin DeA Capital Real Estate and Corebridge Real Estate Investors 18,000m2 €25 The properties are fully leased.
Hanwell Works and 2-7 Centenary Road multi-let assets logistics London Crosstree and Bloom NA 76,000sqft £20.75 (€24) The two multi-let assets were acquired with vacant possession.
Spa Trade Park logistics Kent, UK Chancerygate and a sovereign wealth fund Delancey 76,500sqft £17.65 (€20) Built in the mid-1980s, Spa Trade Park is a light industrial-trade counter estate, comprising 16 units.
La Scaglia retail Civitavecchia, Italy Supernova Group Kryalos sgr 16,000m2 ~€15 The asset was owned by Partners Group through the Dante fund managed by Kryalos.
Centralis platform living Germany ActivumSg NA 23,000m2 NA The acquisition includes nine assets totaling 550 keys and 23,000m2 of net lettable area, all of which are pre-let.
Mpx3 logistics Vercelli, Italy Deka Immobilien AEW 150,000m2 NA The asset is entirely let to Amazon.
Nailloux Outlet Village retail Toulouse, France Patron Capital and Mindston Capital Klépierre 25,000m2 NA The scheme opened in 2011.
Thornton Science Park mixed Thornton, UK EET University of Cheshire 66 acres NA The site will become the headquarters for various EET businesses.
Hotel Madrid Centro Atocha and Hotel Ibis Budget Madrid Aeropuerto hotel Madrid Meridia Capital NA 386 rooms NA This transaction marks the fifth investment by Meridia V and its first in Madrid.
logistics development logistics Bensheim, Germany HIH Invest Real Estate, Nrep NA 23,000m2 NA Construction on the 40,000m2 site in Germany’s Rhine-Neckar region is set to begin in Q1 2026.
Two retail assets retail Arninge, Sweden Svenska Handelsfastigheter Schroder Nordic Real Estate Fund 11,000m2 NA One of the assets is fully let and the other was recently expanded.
Draka site development Amsterdam AM and Amvest Prysmian, Hines and Provast 50,000m2 NA The plan is to develop 1,600 homes on the site.
Arena Centre mixed Dublin Mcore Henderson Park 321,000sqft NA Anchor occupiers include Bank of Ireland, Woodie’s, and the Maldron Hotel.

 

Recently completed loans    
Lender(s) Borrower(s) Asset(s) Loan Size (mln) Key facts
Bond investors DL Invest Group Unsecured €350 The five-year bond represents the first eurobond issue for the group.
Pbb Valor Real Estate Partners and QuadReal Property five-asset urban logistics portfolio located across Paris and Lyon €105 The three-year loan refinancing an existing facility of the same amount.
Societe Generale DeA Capital Real Estate SGR, Orion European Real Estate Fund V Park West office in Milan €84 The five-year green loan supports the redevelopment of the asset.
Unicredit Novipraga SIINQ spa Serravalle Retail Park €35 Novipraga is a joint venture between Hines, Apollo Asset Management and VI-BA srl.
Santander Bank Polska Panattoni Panattoni Park Poznań XIV €22 The loan will enable the completion of the second and third stages of the spec project.
BayernLB Aurelis Real Estate 30,000m2 logistics development in Germany NA Completion of the project, currently under construction, is scheduled for mid-2026.

 

New mandates/JVs and funds on the market   
Firm Fund/JV/Mandate Strategy Details
BNP Paribas Real Estate Investment Management Spa Property Fund Investing in spa and hotel assets QC Spa of Wonders has become an anchor investor.
      The assets include the QC San Pellegrino spa property and a recently purchased asset in Viale Certosa in Milan, which will be transformed into a spa and hotel.
Elevation Advisors Elevation Credit Partners III Providing debt financing to the UK senior housing real estate sector. Elevation Advisors has secured global pension capital commitments in the first close of the fund.
      The fund will deploy £270m in the UK debt sector.
German industry pension fund a.s.r. real assets investment partners Building a global diversified real estate portfolio a.s.r. has been mandated to expand and manage a portfolio expected to reach a size of at least €800m over time.

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