German investor and asset manager Publity has agreed the sale of St Martin's Tower in Frankfurt to a joint venture between Barings, acting on behalf of institutional investors, and the listed Coreo group.
Financial details were not disclosed.
The office complex is almost fully let with high-rent tenants and is in a prominent location in the West of Frankfurt. The property consists of two interconnected buildings, a 18-storey Tower and a 7-storey Wing. The property also has 397 car parking spaces.
Through this deal, Publity is realising the second profitable sale of a property from its own portfolio. Publity acquired the St Martin Tower with a lettable area of 26,000 m2 in April 2019, through its subsidiary, Publity Investor.
Thomas Olek, CEO of publity, said: 'The sale of St Martin Tower underpins our well-functioning and strong network and shows that we are able to conveniently acquire properties and leverage on the market at a lucrative rate with a flexible transaction approach. The fact that we sell the property to such a well-known investor as Barings also speaks for the quality of the property and our know-how in the choice of location. The transaction is another milestone in our successful development and we will use the proceeds from the sale for new real estate acquisitions.'
Christoph Wittkop, managing director and country head Germany at Barings, added: 'We are very pleased that we were able to acquire this first class property in the West of the City through an off-market transaction from publity. It perfectly complements the existing European portfolio of our investor. We have identified further upside potential in the property as well as in the location, which we intend to realize over the next years.'
Publity was advised on the sale of the property by Simmons & Simmons. Barings was legally advised by Ashurst and Linklaters. Nai apollo from Frankfurt acted as agent for the transaction. Coreo AG was legally advised by KUCERA.
