German property firm Commerz Real has announced the sale of the Golden House office scheme in Frankfurt am Main to a joint venture between German owner-managed Finch Properties and Swiss asset manager Partners Group.
In a statement, Commerz Real said that the price was higher than the most recent appraisal of the asset at €94.5 mln.
The property has been in the portfolio of the hausInvest open-ended real estate fund since 1987; when it was bought for around €86.7 mln.
'With the sale we are pursuing our strategy of utilising the cycle so as to attain a positive contribution to results for our investors and, at the same time, to rejuvenate our portfolio,' said Andreas Muschter, Chief Executive Officer of Commerz Real, the property subsidiary of Commerz Bank.
Erected in 1984 and refurbished in full in 1999, Golden House encompasses 33,000 m2 of leasable space and is let to Commerzbank (15,000 m2) and Finanz Informatik, the IT service company of Sparkassen Finanzgruppe (16,000 m2).
