Family office Aurec has led the acquisition together with four Israeli institutional investors of an EY building in Germany for €236 mln.
Eschborn Plaza, located in the Eschborn area northwest of Frankfurt, offers 42,000 m2 of office space. The main tenant is global professional services firm EY.
The property was sold by two closed-end funds managed by Germany's Commerz Real.
This is Aurec's second asset in Frankfurt and third in Germany. The other members of the joint venture are Migdal Insurance Group, Bank Leumi Pension Fund, investment house Halman Aldubi and IDI Insurance.
Natixis Pfandbriefbank arranged a €157 mln seven-year financing for the acquisition.
Aurec was advised by Berwin Leighton Paisner on legal and tax matters, and by Drees & Sommer on the technical aspects of the transaction.
CommerzReal was advised by Hogan Lovells Düsseldorf and BNP Paribas Real Estate.
Aurec is a single family office headquartered in Israel with overseas offices in New York and Berlin.
The firm described Eschborn Plaza as EY's largest office in Germany. 'The acquisition of this landmark building is part of Aurec's and its partners' strategy to extend their portfolio in Germany,' said Amir Ramot, managing director at Aurec Asset Management.
Aurec previously led the acquisition of the Cologne headquarters of German insurer Gothaer and the Bockenheimer Warte office building in Frankfurt.
