German REITs buy Frankfurt Airport Center office asset for €168m
German-listed real estate managers Godewind Immobilien and Erwe Immobilien have bought the Frankfurt Airport Center (FAC) office asset for €168m.
The office property was acquired from a joint venture between the New York-based investment company Madison International Realty and the investment manager Peakside Capital.
FAC I comprises more than 48,000sqm of office and conference space with direct access to Terminal 1 of the Frankfurt International Airport.
Last year, Peakside bought the asset on behalf of the Peakside Real-Estate-Fund II, while Madison made its investment through International Real Estate Liquidity Fund VI.
Boris Schran, a managing partner of Peakside, said: “Together with our local partners, my team could successfully finalise the asset management tasks shortly after the transfer of the property.
“This once more demonstrates the strengths in acquisition and implementation of Peakside. The asset now presents a long-term investment basis for the future owners.”
Matthias Cordier, the head of Madison’s investment in Germany, said: “With our international team and our partner Peakside we could achieve the aims of our common business plan at an early stage.
“The positive course of this investment again underlines Madison’s strong track record in Germany.”