Aberdeen's frozen open-ended property fund Degi Europa has reportedly agreed to sell the Westend Gate tower in Frankfurt's financial district to US investor RFR Holding, according to a news report in German newspaper Financial Times Deutschland.
Aberdeen's frozen open-ended property fund Degi Europa has reportedly agreed to sell the Westend Gate tower in Frankfurt's financial district to US investor RFR Holding, according to a news report in German newspaper Financial Times Deutschland.
The 159-metre high skyscraper is anchored by a Marriott hotel and is currently undergoing a EUR 40 mln renovation programme to comply with the latest environmental standards for commercial buildings. Developed in the 1970s, it offers 54,000 m2 of office and hotel space and is currently 33%-vacant.
The complex had a market value of less than EUR 145 mln at end-July 2010, the latest appraisal date available. It was estimated to be worth nearly EUR 100 mln more in 2009, at EUR 243 mln.
An Aberdeen spokesperson confirmed on Thursday to PropertyEU that the property is being divested as part of Degi Europa's liquidation process but declined to give any further information on the sale process.
RFR is a real estate investor active in the US and Germany. The company's portfolio includes the Seagram building and the famous Lever House in New York. The company was not available for comment on Thursday.
Aberdeen announced in October last year that it would liquidate its Degi Europa Fund which currently targets private investors. Westend Gate in Frankfurt was one of the properties in the fund that Aberdeen was looking to sell off first.
The transaction comes hard on the heels of the sale on Wednesday of the iconic Silver Tower (Silberturm) building in Frankfurt's banking district to a consortium led by IVG Immobilien.
