Frankfurt-based GEG German Estate Group has acquired the Japan Center in Frankfurt's banking district from Commerz Real for €280 mln.
The tower property, covering around 29,000 m2 of leasable space over 28 storeys, is 115-metres high. It was built in 1996 and is fully leased long-term.
'With the acquisition of the Japan Center we are supplementing our real estate portfolio in the heart of Frankfurt with an additional architectural icon,' commented Ulrich Höller, CEO of GEG. 'Thus we are represented in Frankfurt’s central banking district with a significant number of developments and investments, and we intend to benefit from their positive development.'
The dimensions of the building's façade – based on the Japanese tatami mat – and the cantilevered roof of the building are reminiscent of the profile of a Japanese stone lantern. It has been modernised over the past 15 months to create flexible areas.
Commerz Real acquired the building in 2002 for its open-ended real estate fund hausInvest.
'We are in the process of optimising our portfolio from a strategic stance, and have utilised the strong demand for premium properties in 1A locations to attain a very good result for our investors,' commented Andreas Muschter, chairman of the board of managing directors of Commerz Real.
'We have fulfilled the prerequisites for achieving this added value in the past 18 months with the repositioning of the property and a complete change in the tenant mix through to full occupation.'
The deal is expected to close at the beginning of 2018.
BNP Paribas Real Estate, Noerr, SammlerUsinger and CBRE Preuss Valteq advised on the transaction.
