US-based RFR Holding has expanded its office portfolio in Frankfurt with the purchase of the IBC office tower from Canada's Ivanhoé Cambridge for €300 mln.
US-based RFR Holding has expanded its office portfolio in Frankfurt with the purchase of the IBC office tower from Canada's Ivanhoé Cambridge for €300 mln.
RFR, which was founded by German-born Aby Rosen and Michael Fuchs, has around $10 bn (€8 bn) of real estate assets under management.
The 112-metre high tower offers a total of 85,000 m2 of space and is fully leased, with tenants including Deutsche Bank and Degussa Bank. German firm Universal Investment leased more than 11,000 m2 and relocated to the office earlier this year, while state bank KfW took another 14,000 m2 a year earlier.
Built in 2003 and 2004 and acquired in 2005 and 2007, the IBC office building boasts a Leed Gold environmental certificate.
The acquisition was financed by German lender pbb Deutsche Pfandbriefbank. Clifford Chance advised the buyer on the legal side, while Linklaters acted for the vendor.
Ivanhoé Cambridge is the real estate manager of the Montreal-based state pension fund of Quebec, Caisse de Dépôt et Placement du Québec.
Based in New York, RFR owns a number of assets in Frankfurt including other two office towers, the Eurotower, headquarters to the European Banking Authority, and the WestendGate, which it bought in 2012.
