OVG sells Triton building to Allianz for EUR 200m

Dutch real estate developer OVG said on Monday that it has sold the Triton office building in Frankfurt to Germany's Allianz Real Estate for around EUR 200 mln. OVG brokered the transaction on behalf of IVG Institutional Funds.

Triton is located in the Westend district of Frankfurt, near the financial heart of the city, and provides 29,000 m² of space and 427 parking spaces. Built in 1985, the 10-storey building is planned to be redeveloped according to sustainable standards in the next two years. As part of the deal, Allianz Global Investors has also leased the entire asset, with plans to relocate to the new property in 2013.

'Triton fits perfectly with Allianz' investment criteria. This acquisition meets both AllianzGI's need for new office space and Allianz' desire to invest in quality office buildings in good locations,' said Stefan Brendgen, CEO of Allianz Real Estate Germany.

IVG Institutional Funds has commissioned OVG for the redevelopment and asset management of the property.

Coen van Oostrom, CEO of OVG, said: 'Backed by years of experience in the (re)development of sustainable office properties, we have successfully blown new life into this outdated building and, through an extremely sustainable design and redevelopment programme, we have prepared it for a sale'.

BNP Paribas Real Estate advised OVG on real estate matters. Law firms Linklaters, King & Spalding and GSK acted as legal advisors.