RFR, Stenham acquire Degi's WestendGate in Frankfurt

US investor RFR Holding is acquiring the WestendGate skyscraper in Frankfurt together with co-investor Stenham from fund manager Aberdeen.

The financial details were not disclosed. However, the WestendGate complex had a market value of less than EUR 145 mln at end-July 2010, the latest appraisal available. It was estimated to be worth nearly EUR 100 mln more in 2009, at EUR 243 mln.

Aberdeen is selling the office tower on behalf of its Degi Europa vehicle which is in liquidation. The deal has been under negotiation for several months.

The 159-metre high skyscraper is anchored by a Marriott hotel and underwent a EUR 40 mln renovation programme last year to comply with the latest environmental standards for commercial buildings. Developed in the 1970s, it offers 54,000 m² of office and hotel space. It was 33%-vacant in November last year.

Aberdeen said the sale increases Degi Europa's liquidity ratio by about 6% to 16%.

The seller was advised by Jones Lang LaSalle and Clifford Chance. The buyer was advised by FPS and JebensMensching.