IVG Institutional Funds has reached agreement on the acquisition of the WestendCarree office complex in Frankfurt from developer Tishman Speyer.
IVG Institutional Funds has reached agreement on the acquisition of the WestendCarree office complex in Frankfurt from developer Tishman Speyer.
The parties agreed not to disclose the purchase price. IVG said two institutional funds are providing equity for the transaction as part of a club deal. IVG Institutional Funds will handle the fund and asset management for the property. The transaction is expected to close later this summer.
Completed in 1990 and refurbished between 2008 and 2009, the asset is centrally located in Frankfurt’s Westend and is currently around 95% let. It is divided over three sections and has a total rental area of around 30,600 m2 and 318 underground parking spaces. Tenants include the Max Planck Institute, French investment bank Natixis, HR consultancy Michael Page and airline Emirates.
The sales process was led by JLL, with Oceans & Company and Jebens Mensching representing Tishman Speyer. IVG Institutional Funds was advised by GleissLutz and Drees & Sommer.
Frankfurt-based IVG Institutional Funds specialises in managing structured real estate products for institutional investors and has assets under management of around €11 bn.