Dutch property manager Corum has announced the sale of an office building in Frankfurt, Germany, for €95 mln, resulting in a record capital gain of almost €24 mln for the business.
The asset was acquired by the Coum Origin real estate fund in 2015 for €70.5 mln.
Leased to Deutsche Bank, the 48,000 m2 building was bought at a time when the tenant had suffered major loss from the financial crisis.
‘Although the purchase seemed risky, the possibilities to increase the value of the building and the prospects of the largest German bank, which had taken the necessary measures to restore its profitability, weighed more heavily,’ Corum said.
The office building generated €43 mln in rental income during the seven years it was owned by Corum, and was finally sold to an unnamed US investor in data centers.
Corum manages around €2.3 bn of assets.
