Pan-European fund manager Aerium has acquired BBW, an office-led asset in the Westend district of Frankfurt, from Aurec Real Estate Europe for €140 mln.
The property is Aerium’s first in Frankfurt and offers 35,000 m2 of lettable space, split between offices (85%) and residential units (7%). The asset also has 347 car parking spaces.
BBW is fully let to German financial services tenants KfW and DeutscheWertpapierServiceBank on long leases with 11.5 years remaining.
Steven Broch, co-chief investment officer and head of German investments at Aerium, commented: ‘We are delighted to make our first investment in Frankfurt and we have a large pipeline of new transactions for 2018. We believe in the Frankfurt market and are also pushing ahead with our strategy to buy in all top 7 German cities. We look forward to acquiring further Grade A listed buildings.’
Aerium was advised by NAI Apollo group. Aurec was represented by Amir Ramot.
