Germany's IVG Institutional Funds confirmed on Tuesday that it has sold the Pollux office tower in Frankfurt to US private equity giant Blackstone for an undisclosed amount.

Germany's IVG Institutional Funds confirmed on Tuesday that it has sold the Pollux office tower in Frankfurt to US private equity giant Blackstone for an undisclosed amount.

PropertyEU reported in early September that New York-based Blackstone was close to signing the acquisition of the 130-metre high Pollux complex in Frankfurt's Westend district.

The 35,000 m2 Pollux scheme is largely vacant.

Blackstone is investing in Pollux alongside Finch Properties which will also be in charge of asset management.

The US private equity firm is also believed to be in talks to buy the nearby Messeturm scheme from German fund managers GLL and KanAm. It is understood to have offered €250 mln for Messeturm, although the asset is said to be valued at €400-500 mln.

Built in 1991 by Tishman Speyer as Europe’s largest skyscraper, the 247-metre high office tower offers 62,000 m2 across 63 storeys. GLL and fund manager Kanam bought the asset from the developer for around €440 mln in 2002. The scheme is about 70% leased.

The building, which is being sold through JLL, was refinanced in early 2012 with a €155 mln loan from Pbb Deutsche Pfandbriefbank and Landesbank Baden-Württemberg (LBBW).