Private investment house Ardian has acquired an office building, WestendCarree, in Frankfurt am Main from Publity.
Financial details were not disclosed.
The acquisition marks Ardian Real Estate’s sixth investment in Germany.
The office complex at Grueneburgweg 14, 16-18 and Im Trutz 55 comprises 31,000 m2 of rental space across five to eight storeys. Built in 1989 and last renovated in 2010, the property is situated in Frankfurt’s prestigious Westend district with both the Alte Oper and the financial district within a short walking distance.
The building complex includes 300 parking spaces and is and grouped around green interior courtyards. The occupancy rate currently stands at 86%, and a large share of the rental agreements are up for renewal over the next few years.
Ardian Real Estate intends to undertake extensive upgrading measures, to achieve sustainability certification, redesign common areas, signage system and outdoor facilities.
Bernd Haggenmüller, senior managing director real estate at Ardian and responsible for the real estate investment in Germany, said: 'Investments in office space across the top seven cities in Germany remain very attractive.
'It seems clear that a turning point in the take-up rate for office space is emerging in Frankfurt. Now, market forecasts predict that by the end of the year this figure will have grown by over 30%, compared to last year’s figure.
'We can see a further increase in demand on the market as tenants no longer want to delay their decisions, and growing numbers of companies have redefined their future workplace concepts.'
