Germany-focused Cells Group has acquired the office building Lateral Towers in Frankfurt on behalf of Kamco Invest Group from an international fund partnered by Commerz Real.
Financial details were not disclosed.
The property at Neue Börsenstrasse 1 consists of approx. 46,000 m2 office space distributed across a complex of eight interconnected buildings, which are fully leased to Commerzbank on long-term basis. The deal marks Kamco's entry into the German office market.
'We are pleased with our first office acquisition in Germany, a major milestone in Kamco Invest Group’s plan to expand to major international real estate markets. We are also delighted to begin our relationship with Cells with this asset,' said Mohammad Al Othman, executive director of Real Estate at Kamco.
The building was developed in 2001 by OFB Development as the headquarters for Deutsche Börse. It was refurbished in 2015 and is BREAAM Very Good certified.
Dirk Ruppert, managing partner and chief investment officer at Cells Group said: 'The building meets the requirements for a modern working environment and the quality expectations of our client.
'In addition, the office layout offers a high degree of flexibility and attractive common areas create additional space for collaborative work. The investment offers a predictable income combined with long-term Asset Management potential.'
The buyer was advised by GSK (legal), EY (tax matters) and TA Europe (technical). The seller was provided with advice from Allen Overy and Kim & Chang. The transaction was marketed by BNP Paribas Real Estate and Cushman & Wakefield on behalf of the seller.
