La Française Forum Real Estate Partners (LFF Real Estate Partners) has acquired an office building located near the central business district of Frankfurt am Main for €17 mln.
The seller is German real estate company Art-Invest Real Estate.
Jens Goettler, managing director Germany, LFF Real Estate Partners, said 'LFF Real Estate Partners has offices here in Frankfurt so this is a market that we know particularly well. The sector regularly attracts new developments, such as China Construction Bank which is directly opposite the property, and increased demand should put upward pressure on prime rents.'
'We have improved the market positioning of this asset as well as the level of occupancy in the framework of our manage-to-core approach in a timely manner. Now we are happy to leave this core asset we have created in the hands of a professional market player,' added Stephen von der Brüggen, head of the Frankfurt branch of Art-Invest Real Estate.
The building is fully let and provides 2,700 m2 of floor space over six stories. Office tenants include Pecan Development, Art-Invest Real Estate, Everest Management, HIQ Consulting and Projekt Pl Immobilien. The ground level is let to three retail providers and the basement level offers storage space and a garage with 25 parking spaces.
Hogan Lovells International counseled the buyer and Herbert Smith Freehills Germany and BNP Paribas Real Estate advised the vendor. Oceans & Company supported the seller’s letting activities.
