French asset manager Amundi Real Estate has purchased a planned office building in Frankfurt from development partners Phoenix and Groß & Partner for a sum believed to be around €300 mln.
Acquired by asset manager L'Etoile Properties for a fund managed by Amundi Real Estate, the deal for Grand Central Frankfurt is understood to represent the largest private property transaction to date this year in Frankfurt.
The 45,290 m2 office has already been prelet to Deutsche Bahn subsidiary DB Netz, which will move 2,200 employees into the property on its completion in the second half of 2020, under a 20 year tenancy agreement.
The nine level structure is being built on a 19,780 m2 plot of land and will include 783 underground parking spaces.
BNP Paribas Real Estate advised the vendor.
