South Korea's IGIS and Hana pay NorthStar €670m for Frankfurt skyscraper
A South Korean consortium made up of IGIS Asset Management and Hana Financial Investment has bought the Trianon skyscraper in Germany for €670m from NorthStar Realty Europe Corp.
Real estate services firm Cushman & Wakefield said it advised on the sale of the fully-let 45-storey skyscraper in Frankfurt on behalf of NorthStar Realty. NorthStar Realty bought the asset in July 2015.
The 68,000sqm Trianon building was constructed in 1993 and is located at Mainzer Landstrasse, in the centre of Frankfurt’s banking district. It comprises 61,304sqm of office space, 4,345sqm of ancillary space and 2,788sqm residential space.
Richard Tucker, the head of capital markets in Frankfurt at Cushman & Wakefield, said: “Trianon is perfectly positioned to not only benefit from the projected out-performance of Frankfurt rental growth, but also from the city’s appeal as a leading global financial centre.”
Argie Taylor, the head of APAC cross-border capital markets at Cushman & Wakefield, said: “The sale follows a comprehensive global marketing campaign, which saw the building generating significant interest from a broad spectrum of investors in Europe, China, Hong Kong, Singapore and South Korea.
“Our unique insight into the Korean market helped us to secure a high-quality buyer for the asset.”
Jan-Willem Bastijn, the head of EMEA capital markets at Cushman & Wakefield, said: “As a landmark deal for the Frankfurt market, the sale of Trianon marks a significant achievement for Cushman & Wakefield’s capital markets team at both a local and global level.
“It is a great example of leveraging our global capital markets platform in tandem with the market-leading expertise in our German capital markets team to deliver the best result for our client on this truly international project.”