German investment and asset manager KanAm Grund has acquired an historic property in Frankfurt currently used as a bank branch by private financial institution Warburg & Co.
Financial details were not disclosed.
The property, situated at Liebigstrasse 6 in Frankfurt Westend, is a villa from the Wilhelminian period which dates back to 1900. It was rebuilt after the Second World War and radically transformed in the 1980s.
The building is located on a 581 m2 site, and has 5 storeys, including the ground floor and attic.
Frankfurt's Westend district, a popular office and residential location, is well connected by U-Bahn and S-Bahn.
KanAm acquired the asset for its Leading Cities fund, which focuses on 'the growth potential of future-oriented cities with a great capacity for further development', according to the German investment manager.
With a portfolio of 24 properties, Leading Cities Invest has already invested in 16 locations in Germany, Belgium, France, the United Kingdom, Switzerland and Poland.
The fund has taken a highly diversified approach, buying offices, industry/logistics, retail/gastronomy, hotels, leisure facilities, doctors' surgeries and medical services, all 99.9% leased.
