Germany's listed property giant IVG Immobilien has acquired the Zeil 94 retail property in Frankfurt city centre for two specialised institutional real estate funds.
Germany's listed property giant IVG Immobilien has acquired the Zeil 94 retail property in Frankfurt city centre for two specialised institutional real estate funds.
The vendor was represented by CR Investment Management as asset manager. The parties have agreed not to disclose the purchase price.
The core property provides 7,800 m2 of rental space and is let in full to the Irish clothing chain Primark on a long-term basis. It was built in 1989 and underwent extensive modernisation in 2012 and 2013.
The acquisition is the fifth club deal that IVG has made in the last 18 months, representing a total volume of over €1 bn. IVG performs fund and asset management for these club deals and participates as a co-investor.
Overall, IVG manages retail properties for its funds throughout Europe with a volume of €1.6 bn.
Jones Lang LaSalle and Görg Partnerschaft von Rechtsanwälten advised the seller.
