German listed property company TLG Immobilien has purchased an office asset in Frankfurt for €97 mln from a joint venture between an international fund and the German management team of Barings Real Estate Advisers.
Dubbed Astropark, the 39,300 m2 office is situated in the Niederrad district of the city and has a vacancy rate of 21.9%. Tenants include B+S Card Service, ZVEI Zentralverband Elektrotechnik u. Elektronikindustrie e.V. and Fujitsu Technology Solutions.
'This acquisition underlines our ability to acquire attractive properties for our portfolio yet again, even in a highly competitive market environment,' commented TLG board member Niclas Karoff. 'Given the positive dynamism of the office property market in Frankfurt and the increasing attractiveness of the district of Niederrad, we see an opportunity to create additional value with this well-positioned property through our expertise in renting properties.'
Built in 1992, the eight floor property has since acquired a LEED Gold certification.The current annual rent is around €5 mln.
The price includes transaction costs.
