Invesco Real Estate has sold a mixed-use office and retail asset in Frankfurt to Luwin Real Estate Managers for an undisclosed sum.
Luwin acquired the 13,000sqm Neue Mainzer Straße 74+80 (Ma Ro) asset on behalf of an unnamed German pension fund.
Built in 2016, the asset is made up of two properties. Around 70% of the asset is allocated to office space. Invesco acquired the asset in mid-2016.
Invesco said the office space is fully let and only one unit of 300sqm is currently available in the retail segment.
Christoph Schiller, director at Luwin, said: “We are delighted to acquire this premium property in a central Frankfurt location and to drive forward our investors’ core investment strategy.
“The property has a strong potential for value enhancement, which will materialize through active asset management in parallel with the new inner-city developments in the coming years.”
Jonathan Pierce, senior director, fund management at Invesco, said: “The sale price represents excellent value for investors in our core programme.
“It also allows us to optimise our allocation to the German office sector, particularly with the recent closing of our Die Welle acquisition, and underscores the strength of, and confidence in, the prime Frankfurt market.”
Fabian Manegold, managing director – transactions, Germany, Austria, the Netherlands at Invesco, said: “We remain very convinced of the building quality and the great location potential of Ma Ro, which will continue to develop in the coming years.
“The achieved sales price reflects this and we are of course pleased that we have encountered a very positive market environment with our asset.”
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