Hines' Pan-European Core Fund has entered the Frankfurt office market with the purchase of Marienstrasse 15 from German investor Degi for an undisclosed sum.
Hines' Pan-European Core Fund has entered the Frankfurt office market with the purchase of Marienstrasse 15 from German investor Degi for an undisclosed sum.
Located in the heart of Frankfurt's central business district, the building accommodates part of the German headquarters of Allianz Global Investors, the asset management arm of the insurance group. Hines Immobilien will be responsible for asset management. Constructed in 1992, the building comprises 6,400 m2 on six levels.
'We are pleased to re-enter the Frankfurt market through the acquisition of a fundamentally sound asset with a solid tenancy,' said the fund's manager Andreas Schreurs.
Hines entered the Frankfurt market in 1996 with the development of the 55-storey Main Tower.
