Tishman Speyer, on behalf of its newly launched German investment platform, has bought a high-rise building for insurance group Versicherungskammer.
The asset manager’s first German investment management platform (KVG) has acquired the Bürohaus an der Alten Oper in Frankfurt from Mann group for an undisclosed sum.
Tishman Speyer Investment Management (TSIM) is the manager of the new fund which will be headed by Frank Schäfer and Nils Skornicka.
Florian Reiff, the country head of Tishman Speyer in Germany and chairman of TSIM’s supervisory board, said: “With the foundation of our own KVG, we continue the consistent expansion of our presence in Germany.”
Schäfer said: “The launch of our first fund forms an important milestone for our investment management platform.
And we are glad to have attracted such a prominent, nationally and internally experienced, institutional investor as Versicherungskammer right from the start.”
Bernd Wegener, the head of real estate at Versicherungskammer Group, said: “The Bürohaus an der Alten Oper in a prime inner-city location is a high-grade addition to our German portfolio. We are also looking forward to our cooperation with Tishman Speyer.”
The high-rise on Neue Mainzer Strasse 75 has 20.900sqm of floor space which is leased to twelve tenants. Built in 1984, the property formerly known as Citi-Hochhaus was extensively renovated by the seller between 2015 and 2018.
Skornicka said: “The Bürohaus an der Alten Oper stands out due to its excellent location and high visibility. We have identified upside potential which we are planning to raise successively over the long term.”