Berlin-based real estate fund manager Activum has sold the Accent Office Center in Frankfurt for an estimated €60 mln.
Berlin-based real estate fund manager Activum has sold the Accent Office Center in Frankfurt for an estimated €60 mln.
The 22,500 m2 office building on Hanauer Landstraße was acquired by Munich-based investment company
GLL Real Estate Partners as an initial investment for its Luxembourg-registered Pan European Property Fund.
The fund is aimed at institutional investors and plans to invest up to €1 bn in European property, with a cap rate of 6.95%.
Activum bought the property in 2011 and refinanced it before attracting new tenants to the building.
Richard Wartenberg, head of sales and acquisitions at Activum, said: ‘We identified the potential of the building, took over and realized a dynamic leasing strategy. Today, the building is nearly fully occupied with a well-diversified tenant structure and long leases. The rental level as well is above expectations.’
