ING Real Estate Investment Management (ING REIM) has completed the purchase of Frankfurt's landmark WestendDuo high-rise towers from the Australian Hochtief Group for EUR 240 mln. The complex is located on Bockenheimer Landstrasse in the heart of the central business district and is considered to be an architectural benchmark for the city.

ING Real Estate Investment Management (ING REIM) has completed the purchase of Frankfurt's landmark WestendDuo high-rise towers from the Australian Hochtief Group for EUR 240 mln. The complex is located on Bockenheimer Landstrasse in the heart of the central business district and is considered to be an architectural benchmark for the city.

The WestendDuo property, acquired by ING REIM through the ING Insurance portfolio, provides two 26-floor streamlined towers completed in mid-December 2006. The acquisition, with a value of EUR 240 mln, is one of the top five single-asset deals in Germany in 2006.

The property provides about 32.700 m2 space, comprising 26.500 m2 for office use, 950 m2 for retail use, 1.708 m2 of storage, and 646 m2 for residential use. The property also includes an underground park with around 202 parking spaces. The major tenants include the German law firm Hengeler & Mueller and Henderson Global Investors. In a press release, ING REIM indicated that further leasing agreements are being discussed.

Head of European Acquisitions William Rowson stated that 'the WestendDuo investment marks ING REIM's second office transaction in Germany and builds on plans to further invest in the region.'

Mayer, Brown, Rowe & Maw LLP acted as ING REIM's legal counsel, with Hochtief Group represented by Henkel Rechtsanwälte and advised by the real estate advisor Atisreal.

ING REIM stepped into the German office investment market for the first time on October 20 with the purchase of a building in Frankfurt's central business district. ING REIM Europe has transacted in excess of EUR 1.9 bn over the past 12 months in property investments on behalf of its European and international clients.