Hines has bought a €114m office asset in Frankfurt from Tristan Capital Partners.
The international real estate firm said it bought the 14,336sqm Werfthaus asset on behalf of the Hines Pan-European Core Fund (HECF).
The building’s new anchor tenant is the online platform Check24.
Peter Epping, HECF fund manager, said: “We are very satisfied to have secured this attractive investment opportunity for our Hines Pan-European Core Fund in an attractive and growing location in the Frankfurt market.
Besides our existing asset Marienbogen, this is the Fund’s second investment into the strongly performing Frankfurt office market. Aside from the stable earnings profile the Fund offers to its investors from its existing diversified portfolio, investments in assets like Werfthaus are expected to add to the growth of capital value of the portfolio over time.”
Daniel Reichwein, head of the Hines office in Frankfurt, said: “The Werfthaus building is recognised for its location in the emerging Westhafen sub-market, high-quality furnishings and a unique view of the Main River and the Frankfurt skyline.
“Our local team has significant expertise in development and asset management. Our aim is to continuously improve the value of the building.”