German property investment company Degi has bought a building on Zeil, Frankfurt's main retail street, for over EUR 30 mln. The fully let commercial building was sold by Nassauische Sparkasse (NASPA), which will remain in the building as a long-term tenant. Degi was advised by Kempers Jones Lang LaSalle Frankfurt.
German property investment company Degi has bought a building on Zeil, Frankfurt's main retail street, for over EUR 30 mln. The fully let commercial building was sold by Nassauische Sparkasse (NASPA), which will remain in the building as a long-term tenant. Degi was advised by Kempers Jones Lang LaSalle Frankfurt.
Built in the 1950s and completely modernised in 2000, the building has a lettable area of around 5,100 m2. The property will be included in Degi Europe Retail, a property fund managed by the company for institutional investors.
'Frankfurt is not only Germany's undisputed financial hub, but together with London and Paris, it is the most important European financial centre. This assures long-term prospects for the investment', said Bärbel Schomberg, head of Degi's management board. 'This enormous commercial strength is also reflected in Frankfurt’s shopping districts. For this reason we believe the investment offers high potential for good future performance.'
