Austrian investor and developer CA Immo has confirmed plans to put Tower 185 in Frankfurt on the market for a price likely to exceed €800 mln, which would make it the largest single-asset deal in German history.
At 100,400 m2 and 50 stories, Tower 185 is the fourth tallest skyscraper in Germany. PWC occupies 71,000 m2 of the building.
Reporting its first-quarter results for 2017, the tower's developer said that it had 'decided to evaluate the sale of the Tower 185 office building in Frankfurt within what is presently an ideal market environment... together with both joint venture partners'.
CA Immo currently owns a 33% stake in the property, while the remaining two-thirds are held by a pair of German pension funds following a deal struck in 2013 that valued the building at €500 mln.
As reported in the May issue of PropertyEU magazine, Korean investors are expected to be strong bidders for the building as they favour core investments, especially office buildings let to good tenants on long leases.
The cost of hedging the conversion of Korean won into euros has been very favourable for the last year, giving Korean bidders an advantage over other potential bidders.
JLL is acting as the broker on behalf of CA Immo.
