Tishman Speyer has acquired the mixed-use Junghof building in the central business district of Frankfurt.
Tishman Speyer has acquired the mixed-use Junghof building in the central business district of Frankfurt.
The US-headquartered investor bought the asset for its Tishman Speyer European Core Fund. The financial details were not disclosed. Website Emporis says the building cost was $350 mln (EUR 267 mln).
The vendor is German lender Helaba which developed the building in 2003 and is also providing the initial financing for this property. Contacted by PropertyEU, Helaba declined to comment on the investment volume, saying only that it was 'fully satified' as the price was 'quite appropriate'.
Junghof comprises about 23, 500 m2 of mainly office space with some retail. Earlier this year the property was awarded a LEED Gold certificate for its commendable energy consumption.
Tishman Speyer was advised by CMS Hasche Sigle and Helaba by BNP Paribas Real Estate and Paul Hastings.
