Düsseldorf-based Signa Property Funds has acquired the new headquarters of the German stock exchange in Eschborn near Frankfurt for approximately EUR 230 mln.
Düsseldorf-based Signa Property Funds has acquired the new headquarters of the German stock exchange in Eschborn near Frankfurt for approximately EUR 230 mln.
The sellers of the building are project developer Groß & Partner Grundstücksentwicklungsgesellschaft and Lang & Cie. Real Estate. According to Signa Property Funds, the German arm of Austrian group Signa, the purchase price is the second highest paid for real estate in Germany this year.
The Cube building has a total above-ground area of 56,000 m2 across 21 above-ground levels and 890 car parking spaces. It is the first tower in Germany to be awarded the Leed Platinum Standard, the highest classification in terms of energy efficiency. The building was designed by the internationally renowned architectural office, KSP Jürgen Engel Architects and will be home to Deutsche Börse which has agreed an initial rental term of 15 years and two months as well as securing an option of two further periods of five years.
According to Signa's CEO Frank Tölle, the property will be likely placed on the market in the first quarter of 2011 as the closed real estate fund Signa 13 Frankfurt. The fund is expected to generate returns of 5.75%.
Clifford Chance advises Signa in the financing of the deal.
