German-listed property firm Patrizia has acquired the Eurotower office building in Frankfurt for Taiwan-based insurance firm Fubon Life.
Financial details were not disclosed.
The 148-metre, 40-storey building is the former headquarters of the European Central Bank (ECB). A division of the bank – the ECB Single Supervisory Mechanism – is now the building’s sole occupier.
'This acquisition represents one of 2018’s most prominent transactions in Germany and closes what has been a very strong and successful year for Patrizia in terms of investment acquisitions,' said Philipp Schaper, Patrizia’s head of European transactions.
The Eurotower is a high-quality, landmark building and represents a sustainable investment for our client in a city with solid and indeed strengthening fundamentals.'
The Eurotower is located at Kaiserstrasse 29 in the city’s central business district (CBD). Its acquisition marks Fubon Life’s first deal in Germany and follows the 2015 transaction for the landmark Madame Tussauds building in London, which Patrizia also acquired on behalf of the Taiwanese firm.
'Fubon Life has been a Patrizia client for many years and we’re pleased, through this acquisition, to expand our relationship into Germany,' said Konrad Finkenzeller, head of international capital markets for Patrizia.
'For well over a decade we have been able, also through our hubs in Hong Kong and Seoul, to develop longstanding and sustainable relationships with institutional investors throughout the Asia region,' Finkenzeller concluded.
