Real estate asset manager AEW has bought a 14-storey office building for its German cities office fund.
The AEW City Office Germany Fund has acquired the Quadra tower at Hahnstraße in Frankfurt’s submarket of Niederrad, from Deka Immobilien for an undisclosed sum.
The property was previously held by the open-ended real estate retail fund Deka Immobilien Europa.
AEW said, the 10,000sqm building is almost fully occupied.
Lars-Henning Pylla, the fund manager of the AEW City Office Germany at AEW, said “Frankfurt-Niederrad is gradually transforming itself from a classic back-office location into a vibrant working and residential district, which aims to provide efficient and well-connected offices spaces such as Quadra tower.
“The acquisition further diversifies the fund’s portfolio through the inclusion of another German city and we expect to be active participants in the development of this location over the long-term”.
The City Office Germany fund targets properties offering value potential in either long-established or developing areas within Germany’s top 7 metropolitan cities.