Aberdeen Asset Management has bought an office and retail property in Frankfurt from real estate adviser Triuva for an undisclosed sum.
The asset, dubbed Frankfurt Central due to its location opposite Frankfurt’s central railway station, was acquired on behalf of a pension fund mandate.
'We are delighted to again take advantage of the current market phase for a sale at attractive terms. We were therefore able to achieve core pricing for a value add property,' commented Manuel DeVigili, head of investment management at Triuva.
Constructed in the 1970s, the building was designed by architects Christoph Mäckler and modernised by IVG Development in 2009/10. The anchor tenant is the regional transport company Hessische Landesbahn.
The total area of approximately 10,000 m2 includes 9,000 m2 of office space and 1,000 m2 of retail space across ground and nine upper floors. The basement contains an underground car park with 153 parking spaces.
Triuva's consultants were law firm King & Spalding (legal) and Drees & Sommer (technical). Oceans & Company represented the vendor.
On the buyer side, Beiten Burkhardt provided legal advice, whilst REAG was responsible for technical due diligence.
The vendor was advised by Busch Advisors for commercial due diligence.
