German asset manager HIH has acquired an office project at Frankfurt am Main's central station for a special fund of Warburg-Henderson Kapitalanlagegesellschaft für Immobilien.
German asset manager HIH has acquired an office project at Frankfurt am Main's central station for a special fund of Warburg-Henderson Kapitalanlagegesellschaft für Immobilien.
The vendor is construction group Groß & Partner. The property, which was sold for an undisclosed amount, involves a development cost of around €50 mln.
Development of the new building started in August and delivery is planned for the end of 2014. The scheme will provide some 14,300 m2 of office space as well as 102 parking spots.
The main tenant of the asset is German real estate firm ABG Frankfurt Holding as well as the municipality's housing company which has signed up for a 15.5 year lease starting from delivery of the asset.
On completion of the office complex, the adjacent 4,600 m2 plot of land is also set to be converted into a residential building and a public park.
HIH is the exclusive asset manager for Warburg-Henderson in Germany.
The transaction was brokered by Catella Property.
