Listed German property investor Patrizia Immobilien has acquired the mixed-use ‘Colosseo’ building in Frankfurt on behalf of an unnamed pension fund.
The vendor was an institutional fund. The parties agreed not to disclose the purchase price.
Located in the Sachsenhausen district of Frankfurt, the seven-storey, 26,600 m2 building is almost fully let to a total of 25 office tenants, 96 apartment tenants, 11 retailers and a catering tenant.
'Through its diversified tenant mix, strong macro location and sustainable income stream with the potential for further upsides, this asset represented a compelling investment opportunity,' said Philipp Schaper, group head of transactions for Patrizia.
'As transaction levels in the Frankfurt real estate market continue to grow, we remain attracted to this area, and see the outlook for the office market as especially positive, with demand increasing and limited development supply,' he added.
The ‘Colosseo’ is situated just south of the Main river, with Frankfurt's main train station accessible in 10 minutes and Frankfurt Airport only 20 minutes away.
