A joint venture of Luxembourg-based private equity company Freo and US opportunity investor Area Property Partners has acquired the One Goethe Plaza development project on Frankfurt's Goetheplatz. Although the financial details were not disclosed, it is understood that the development cost will total several hundred million euros.
A joint venture of Luxembourg-based private equity company Freo and US opportunity investor Area Property Partners has acquired the One Goethe Plaza development project on Frankfurt's Goetheplatz. Although the financial details were not disclosed, it is understood that the development cost will total several hundred million euros.
The project, to be anchored by luxury fashion retailer Louis Vuitton, will be financed by local banks Helaba and Landesbank Berlin, with Freo appointed as project manager.
On completion in the summer of 2013, One Goethe Plaza will consist of 6,700 m2 of office and 4,900 m2 of retail space. Law firm Hengeler Mueller provided legal advice on the financing as well as on the corporate structure of the acquisition.
