German listed property group IVG has acquired the BoLa 25 office complex in Frankfurt's West End on behalf of a new fund of the pension scheme for dentists in Westphalia Lippe.
German listed property group IVG has acquired the BoLa 25 office complex in Frankfurt's West End on behalf of a new fund of the pension scheme for dentists in Westphalia Lippe.
The seller is Hamburg-based developer DWI Group. Financial details were not disclosed.
The complex is a pre-war villa renovated in 2011 and a new six-storey building with total rental space of 9,300 m2 located near the Alte Oper in Frankfurt. The main users are the Frankfurt branch of Berenberg Bank and the German office of US law firm Kaye Scholer, both of which have concluded long-term rental agreements. IVG performs fund and asset management for the fund.
The property boasts LEED Gold certification.
The transaction was brokered by BNP Paribas Real Estate. Law firm HauckSchuchardt and the technical consulting firm Valteq acted as advisors to the buyer, while the seller was advised by law firm trûon.
