Private equity group Quinlan Private has acquired a 50% stake in a recently developed office and hotel complex in the centre of Frankfurt valued at some EUR 60 mln. Quinlan acquired the stake through a joint venture with German developer FOM Real Estate, which holds the other 50% in the property.

Private equity group Quinlan Private has acquired a 50% stake in a recently developed office and hotel complex in the centre of Frankfurt valued at some EUR 60 mln. Quinlan acquired the stake through a joint venture with German developer FOM Real Estate, which holds the other 50% in the property.

The hotel part of the complex is fully leased to NH Hotels, which occupies 12,000 m2 of space. The office space comprises over 7,000 m2 and is over 40% leased.

Under the deal, Heidelberg-based FOM will implement the leasing strategy on behalf of the joint venture. 'We believe the asset represents a good opportunity to acquire well located office space in the recovering Frankfurt office market,' Thomas Dowd of Quinlan Private said. 'As the property is increasingly let, it wil return a very attractive yield for our investor group.'