Patron Capital, the pan-European investor focused on property-backed investments, and its joint venture partner Sonar Real Estate, have acquired Prisma, an office building in Frankfurt.
Financial details were not disclosed.
The property at Hahnstrasse 55 in Frankfurt, Germany was purchased is the closed-end fund CFB 134 of Commerz Real, asset and investment manager of German Commerzbank. With the sale the fund is now being dissolved after generating around 165% of the deployed capital for its investors.
Sonar will be responsible for the asset management and proposed repositioning of the building, which was built in 2001 and is currently vacant. Following design and planning phases, the 457,000 sq ft (42,450 m2) space will be comprehensively renovated with a focus on sustainability and air quality through technical upgrades, including a new HVAC system.
The ground-floor areas, including a lobby with glazed atrium, will become public spaces with F&B and fitness amenities. Incorporating the latest technology, the scheme will provide future tenants with state-of-the-art office space, Sonar said.
Christoph Ignaczak, senior partner at Patron Capital, commented: 'This project represents an exciting opportunity to create a state-of-the-art, attractive office property as well as a vibrant destination within a part of Frankfurt that has seen significant development and diversification in recent years.
'We are pleased to be working with Sonar to implement an ESG-focused management strategy from day one, and are confident that our concept will be well received by future tenants.'
Holger Hosang, managing partner of Sonar Real Estate, said: 'Observing and implementing ESG criteria in development and refurbishment projects has become part of our corporate philosophy. Through our in-house expertise, we focus not only on environmental aspects, but also on the social impact of our projects.
'Given its striking architecture and significant size, Prisma is a particularly exciting project in an excellent micro-location within the Lyoner Quartier. Our aim will be to preserve the property’s landmark status for future tenants, while developing it into a modern and ESG-compliant building.'
Patron Capital and Sonar received legal advice from Ashurst LLP, tax advice from Noerr and technical advice from Witte Projektmanagement. The vendor was represented by Colliers as exclusive sell-side advisor and received legal advice from Taylor Wessing.
HSBC provided debt financing for the purchase; Patron received debt advice from Laurus Property Partners and a valuation report for this purpose was carried out by BNP Paribas Real Estate.
