German fund manager Commerz Real has sold the ‘Golden House’ office building in Frankfurt am Main after 30 years of ownership.
Commerz Real said the office building, which has 33,000sqm of leasable space, was sold above a recent market valuation of €94.5m.
The property had been in the portfolio of the open-ended real estate fund HausInvest since 1987, when it was acquired for around €86.7m.
Commerz Real said today that the office building, located at Theodor-Heuss-Allee 80, has been purchased by a joint venture between Finch Properties and Partners Group on behalf of institutional investors.
Andreas Muschter, chief executive officer of Commerz Real, said: “With the sale we are pursuing our strategy of utilising the cycle so as to attain a positive contribution to results for our investors and, at the same time, to rejuvenate our portfolio.”