RREEF Investment confirmed on Wednesday that the acquisition of the office building Park Tower in Frankfurt/Main has been completed. The property had been purchased from a Morgan Stanley fund at the end of December 2009 at a cost of around EUR 123 mln for the open-ended real estate fund grundbesitz europa.
RREEF Investment confirmed on Wednesday that the acquisition of the office building Park Tower in Frankfurt/Main has been completed. The property had been purchased from a Morgan Stanley fund at the end of December 2009 at a cost of around EUR 123 mln for the open-ended real estate fund grundbesitz europa.
The prominent skyscraper in the centre of Frankfurt/Main comprises approximately 19,000 m2 of floor space on 28 floors. The building was originally constructed in 1972 and completely renovated and modernised between 2005 and 2007 under the supervision of architects of Albert Speer & Partner.
The property is currently let to the international law firm Freshfields Bruckhaus Deringer until 2017. Following the Unilever-Haus in Hamburg, the Park Tower is the second German property which RREEF has acquired for the open-ended real estate fund grundbesitz europa in the last three months.
RREEF said Germany is currently a very interesting market for its open-ended real estate funds and additional acquisitions are planned in the future.