Spain's Metrovacesa has sold the landmark Access Tower in Frankfurt as part of its strategy to withdraw from foreign markets and refocus on its domestic business.
Spain's Metrovacesa has sold the landmark Access Tower in Frankfurt as part of its strategy to withdraw from foreign markets and refocus on its domestic business.
According to press reports, the deal price is EUR 31 mln.
The 21-storey skyscraper was acquired by private investor David Roitman for an undisclosed amount. The asset offers a total of 21,000 m2 of space which was completely renovated in 2001. It is about 95% leased, with main tenants including Marsh and Mercer Human Resource Consulting, Lufthansa, BMC Software and Euro Conex.
CBRE advised the vendor, along with consulting and law firm Flick Gocke Schaumburg. The buyer was advised by SNP Schlawien, Ernst & Young and Drees & Sommer.
Last year, Metrovacesa sold the Deutsche Bank Carrée office complex in Düsseldorf to an undisclosed buyer for EUR 183.5 mln, including roughly EUR 167 mln of debt. The price represented a capital loss of nearly EUR 7 mln for Metrovacesa.
The Spanish company has been struggling to pull out of investments made during the boom year of 2007. It sold back the HSBC global headquarters in London's Canary Wharf less than a year after acquiring it in 2007, raking up a loss of EUR 98 mln. It also pulled the plug on the purchase of the Walbrook Sq office development in the City of London from London & Regional.
