Deutsche Asset & Wealth Management and ECE Projektmanagement have bought a Frankfurt asset for around €800m.
The joint venture bought the PalaisQuartier in Frankfurt from Rabo Real Estate Group and KP Investments.
JLL, which advised on the sale, said the deal was “by far the largest commercial property transaction in Germany” this year and one of the top five transactions in Europe.
German investor Strabag, meanwhile, purchased an adjacent land plot, Rundschauareal.
Jörg Ritter, head of German retail at JLL, said there was an “extraordinarily level of interest from international investors for German trophy investments”.
“Investors from as far and wide as the US, Europe, the Middle East and Asia offered more than €4bn of equity for the asset,” Ritter said.
“In the past, investors sought to purchase single asset classes due to a sense of lesser risk. More recently, we have noticed a marked global interest in more complicated, mixed-use assets.”
The 115,000sqm PalaisQuartier includes the MyZeil shopping centre, the Nextower office tower and the Jumeirah Frankfurt hotel.