A joint venture between Barings and Coreo has acquired a 26,000sqm office building from German property investor Publity for an undisclosed sum.

Publity, which acquired St. Martin’s Tower in Frankfurt in April this year, said it has agreed to sell the fully-let two interconnected buildings to the real estate managers.

Thomas Olek, CEO of Publity, said the sale of St. Martin Tower underpins the firm’s well-functioning and strong network and shows that it is able to conveniently acquire properties and ”leverage on the market at a lucrative rate with a flexible transaction approach”.

”The fact that we sell the property to such a well-known investor as Barings also speaks for the quality of the property and our know-how in the choice of location.

“The transaction is another milestone in our successful development and we will use the proceeds from the sale for new real estate acquisitions.”

Christoph Wittkop, managing director and country head Germany – Barings, said: “We are very pleased that we were able to acquire this first-class property in the west of the city through an off-market transaction from Publity.

“It perfectly complements the existing European portfolio of our investor. We have identified further upside potential in the property as well as in the location, which we intend to realize over the next years.”

Marin Marinov, CEO of Coreo, said: “By joining with such a significant real estate investor as Barings, we are pleased to be able to acquire and jointly develop this prominent property in Frankfurt.

“This type of joint investment into buildings like this diversifies our direct investment strategy in a professional way.”