German investor Triuva has acquired a Frankfurt office property that was developed and is occupied by real estate group Strabag. The off-market transaction was valued at €105 mln.
The Meandris office building is located at Europa-Allee 48-54 in the Europaviertel district of Frankfurt am Main.
'In the core segment, the yield gap between the CBD and established submarket locations presents attractive opportunities. We expect a gradual reduction in the yield gap and therefore value growth within submarkets close to the city centre, like the Europaviertel,' said Manuel DeVigili, head of investment management at Triuva.
Triuva said it expects the Europaviertel to gain in value as a result of several initiatives such as the planned urban railway link with the district. As the Europaviertel is home to the Messe Frankfurt exhibition centre, it is easily accessible from the airport and the main railway station.
Constructed in 2014 and divided into two symmetrical sections, the seven-storey core property has over 21,000 m2 of rental space and 300 parking spaces. The main tenants are Strabag's property and facility management arm, Strabag construction company subsidiary Ed. Züblin and the pharmaceutical company Otsuka.
Law firm Hogan Lovells International provided legal support to Triuva in the transaction, while LP. Drees & Sommer provided technical support. Clifford Chance Deutschland acted as legal consultants for the vendor.
