Patrizia has bought a multi-let office building in Frankfurt on behalf of one of its German commercial funds.
The pan-European real estate investment manager said it has paid an undislcosed amount for the 5,000sqm ML69 office asset.
The property is situated on Mainzer Landstraße in the city’s banking district.
Thomas Otto, associate director transactions Germany at Patrizia, said: “This transaction presents an attractive opportunity to acquire a high-quality, fully-let office building generating sustainable income in one of the top seven real estate markets in Germany.
“Leveraging our expertise, we have already identified an asset management plan to capture reversion and grow income.”