German financial group Commerzbank is planning to sell the flagship Dresdner Tower in Frankfurt which previously housed the head office of its Dresdner banking arm, the Financial Times Deutschland has reported. The property is said to be valued at around EUR 400 mln.
German financial group Commerzbank is planning to sell the flagship Dresdner Tower in Frankfurt which previously housed the head office of its Dresdner banking arm, the Financial Times Deutschland has reported. The property is said to be valued at around EUR 400 mln.
The Silberturm asset provides around 72,000 m2 of office space across 32 storeys and is currently undergoing a EUR 100 mln renovation programme to comply with the energy-efficiency directives adopted in Germany two years ago. On completion of the revamp in autumn 2011, the building will be fully occupied by railway group Deutsche Bahn which in May 2009 agreed on the lease in one of Germany's biggest rental deals in the past 20 years.
The 166-metre high tower was originally developed in 1978.
Silberturm is the latest trophy asset to be earmarked for sale in Frankfurt over the past week. Germany's Deutsche Bank said on Monday that it is to sell its 'Doppelturme' (Twin Towers) in Frankfurt am Main to a closed-end real estate fund to be launched by DWS. The transaction price is expected to amount to around EUR 600 mln.
Earlier PropertyEU revealed that Morgan Stanley Real Estate is also likely to sell its Trianon office tower in Frankfurt in the next few months. The 70,000-m2 property is believed to have a book value of EUR 471 mln, and is set to be sold as part of the liquidation of the P2 Value Fund.
