Generali Real Estate has strengthened its presence in the Frankfurt real estate market with the acquisition of two office and commercial assets on behalf of the Generali Europe Income Holding European fund.
The Italian investor has bought the k26 building, in Frankfurt’s banking district, and the 10tral building, in the heart of the city centre. Financial details were kept confidential.
The 10tral deal was already agreed in April and has now completed. The building (in German: ‘zehntral’) was bought from developer OFB Projektentwicklung (OFB) as part of a forward deal. Located in Bleidenstraße 6, it comprises around 4,800 m2 of rental space and houses the offices of the software service provider for digital financing Portagon, and the Papier Kraemer shop. It holds a LEED Gold environmental rating and is fully let.
The k26 deal is a new acquisition and involves a high-rise office and commercial building located in Frankfurt's banking district, at the corner of Kaiserstraße 26 and Mainzer Landstraße 28, comprising around 11,500 m2. The asset, built in 2004, was thoroughly refurbished over time and has already achieved a BREEAM-in-use certification with Very Good rating. K26 is fully let.
The acquisitions are in line with Generali Real Estate’s strategy of investing in prime assets in the most important and resilient European cities. In Generali, Generali is rumoured to be close to signing the acquisition of the PEP shopping centre in Munich’s Neuperlach district.
The asset was put on the market earlier this year by Nuveen Real Estate after an extensive two-year rolling refurbishment, overseen by centre manager ECE.
Lukas Jeckel, head of Region Central Northern Europe at Generali Real Estate, commented: ‘k26 and 10tral are two impressive assets that we are very proud to add to our portfolio. Thanks to their high quality and sustainability features, they perfectly meet the high standards we have set for our investments. They represent an ideal addition to our existing real estate portfolio in Germany, currently accounting for 234 properties worth about €5 bn, and that we aim to further expand.’
