Generali Real Estate has signed the agreement to acquire the 10tral (in German: ‘zehntral’) building in Frankfurt's city centre from OFB Projektentwicklung (OFB) as part of a forward deal.
Financial details were not disclosed.
The building will be acquired on behalf of the pan-European fund Generali Europe Income Holding (GEIH), managed by Generali Real Estate Sgr.
10tral is an office and commercial building located in Bleidenstraße 6, comprising around 4,800 m2 of rental space. A high-quality asset in an excellent location, the building is currently undergoing a complete refurbishment expected to be completed at the end of 2022. It will enjoy the highest sustainability standards, aiming to the achievement of the LEED Gold certification.
The building is hosting the offices of the software service provider for digital financing Portagon, and the Papier Kraemer shop.
Lukas Jeckel, head of Region Central Northern Europe at Generali Real Estate, commented: ‘10tral is an impressive project for its state-of-the-art quality and top-level sustainability features, thus meeting the high demands of our company and representing an ideal addition to our existing real estate portfolio.’
For Generali Real Estate, the acquisition is in line with the strategy of investing in prime office and high street retail assets in the most important and resilient European cities such as Frankfurt. In Germany, Generali Real Estate currently manages a portfolio of 230 properties, worth about €4.5 bn.
Cbre brokered the deal.
