IFM sells high-rise office in Frankfurt

Germany's IFM Immobilien has sold the high-rise Romeo & Julia office scheme in Frankfurt's Westend district to the Swiss AFIAA Investment Foundation for Property Investments Abroad. The transaction value amounts to EUR 97 mln, according to press reports.

'The sale of this office building serves as confirmation of the letting and marketing concept we used to position the property in a completely new way on the market following its radical revitalisation,' said Georg Glatzel, CEO of IFM Immobilien.

IFM acquired the unoccupied building in 2006, and renovated it from the bottom up until 2009, using plans by Swiss architect Max Dudler.

All in all, IFM invested EUR 66 mln in the redevelopment of the tower, originally built in the early 1970s.

Romeo & Julia offers a total of around 14,300 m² in exclusive floor area and is 90%-let to law firms, auditors, private equity firms, and banks.

Based in Zurich, AFIAA is an investment foundation set up by 25 Swiss pension funds that carries out direct investments in international commercial properties.