RREEF buys Frankfurt mixed-use asset for EUR 64m

Deutsche Bank's RREEF Real Estate has bought an office and retail building at Rathenauplatz 1 in Frankfurt am Main for EUR 64 mln. The vendor is Rathenau-Passage Verwaltungs, a joint venture between Bayern LB's Bayerische Landesbank Immobilien-Beteiligungs-GmbH & Co. KG and Herrn Otmar Kehrer.

Built in 2001, the asset provides nearly 8,000 m² of rental area over seven upper floors and is majority let to Nomura Investment Bank and fashion retailer Zara. It will be added to RREEF's Grundbesitz Europa fund.

'We are planning further acquisitions in Germany this year,' said Georg Allendorf, CEO of RREEF Real Estate Germany. 'We have chosen this building because of its excellent location, high-quality features and attractive tenant mix.'

Open-ended fund Grundbesitz Europa owns a portfolio of EUR 3.2 bn and delivered returns of 3.8% in 2011.