ABG Real Estate and Hansemerkur Grund Vermögens have secured a €200 mln financing from Dz Hyp for the conversion of the former BHF tower in Frankfurt.
As lead arranger, DZ HYP provided the financing together with a consortium of several Volksbanks.
Located at Bockenheimer Landstrasse 10, the asset will be redeveloped into an office-led office scheme to be known as Central Parx and almost half of the space is pre-let to business law firm Noerr and the ABG Real Estate Group itself.The investment amount for the project is estimated at €370 mln.
The 23-storey complex will consist of three elements, the Central Parx Tower, Central Parx Studio and Central Parx Pavilion, with completion scheduled for the end of 2027. The renovation work is planned to start in late autumn 2024.
Ulrich Höller, managing partner ABG Real Estate Group said: 'The successful securing of financing marks a decisive step towards the realization of the Central Parx - a project that will have a lasting impact on Frankfurt's cityscape, just like the BHF Tower in the past. Together with HanseMerkur Grund Vermögens, we are transforming the historic building into a future-oriented and sustainable working environment.'
