Invesco Real Estate has announced the acquisition of the Ma|ro mixed-used property in Frankfurt’s Opera district from a joint venture of Peakside Capital Advisors and developer Groß & Partner.
Invesco Real Estate has announced the acquisition of the Ma|ro mixed-used property in Frankfurt’s Opera district from a joint venture of Peakside Capital Advisors and developer Groß & Partner.
The deal is expected to close in the second quarter of 2016. Financial details of the transaction were not disclosed.
Situated in the heart of Frankfurt’s banking district, the property provides around 12,400 m2 of lettable space over six floors.
'Ma|ro meets our standards and expectations with exceptional architecture and specifications combined with an excellent location in Frankfurt’s high street, providing further interesting development perspectives,' commented Fabian Manegold, senior director, transactions at Invesco Real Estate.
Groß & Partner and Peakside Capital acquired the former BHF-Bank buildings over two years ago and have worked together on the development since spring 2013. Completion of the project is scheduled for spring 2016.
'As Frankfurt’s city centre experiences significant changes, and there is an increasing number of developments underway around the Opera district and Goethestraße, fuelled by strong demand for premium retail spaces, the area has undergone a significant uplift, with ma|ro in a prime position to capitalize upon this trend,' said Nikolaus Bieber, managing partner of Groß & Partner.
Invesco Real Estate was advised by GSK Stockmann and Preuss in the due diligence process and contract negotiations as well as CBRE as exclusive buy-side advisors. Peakside Capital and Groß & Partner were advised by HauckSchcuhardt during the transaction.
