Aberdeen Asset Management has sold the Theodor-Heuss-Allee 112 office building in Frankfurt on behalf of its Degi Europa open-ended fund in liquidation.
Aberdeen Asset Management has sold the Theodor-Heuss-Allee 112 office building in Frankfurt on behalf of its Degi Europa open-ended fund in liquidation.
Completed in 1993, the building provides around 30,000 m2 of office space largely occupied by American Express and Avaya. Aberdeen is looking for tenants for a further 5,500 m2 of space which is currently vacant.
Financial details were not disclosed but the vendor said the sales price is 'slightly lower than the current market value' of €73 mln. The deal is due for completion in August this year.
According to German press reports, the buyer of the asset is Austrian investor Signa Holding.
The sale comes hard on the heels of Aberdeen's sale last week of two assets located in the Bodio Center business park in Milan.
Global investment manager AXA Real Estate Investment Managers bought the office buildings in Milan for €64 mln. According to sources of PropertyEU, the acquisition reflected a yield of 10.5%.
The buildings comprise 24,000 m2 of lettable area and are fully let to tenants across several industry sectors.
