French asset manager Amundi Real Estate has completed the acquisition of the Grand Central new-built office building in Frankfurt, from developers Phoenix Real Estate and Groß & Partner.
Although the financial details were not disclosed, Amundi is believed to have spent €300 mln on the complex, which completed in November 2020.
It initially agreed to buy the complex in 2017. The 44,000-m2 office scheme is fully leased to Deutsche Bahn subsidiary DB Netz under a long-term lease.
Located in Adam-Riese-Straße in the "Europaviertel" business district near the central station and a 15-minute drive from the airport, the building complex comprises two modern independent and interconnected buildings looking to achieve a LEED Gold certification. The property offers 795 underground parking spaces and will have immediate access to the future U5 metro line in Güterplatz station from 2024-2025.
Marc Bertrand, Chief Executive Officer of Amundi Real Estate, said: ‘German real estate is a resilient market that we are familiar with thanks to several existing assets in main cities. "Grand Central" is a beautiful building located in a developing business district supported by an extension project of transportation infrastructure, close to the city centre and with a renowned tenant.’
The deal is being financed with a green mortgage loan from Natixis.
