Patrizia Immobilien has acquired the Marienbader Höfe office property in German from Commerz Real.
The real estate investment manager said it bought the 27,000sqm asset in Bad Homburg, on behalf its Gewerbe-Immobilien-Deutschland III fund as part of a core-plus strategy.
Both parties agreed to maintain confidentiality on the purchase price.
The property is fully-let with an average remaining lease term of more than five years.
Daniel Dreyer, Patrizia’s head of commercial acquisitions, said: “The property’s excellent micro-location between the train station and the city centre, diverse tenant mix and opportunities for further active asset management make this a very attractive investment for our clients.”
German fund manager Commerz Real has owned the property in its closed-end real estate fund CFB 131 since 1999.
Following the departure of a single tenant at the end of 2015, Commerz Real modernised Marienbader Höfe, converting it into a multi-tenant property, with the effect that the building was fully leased at the end of 2016.
Roland Holschuh, the Commerz Real board member responsible for real estate markets, said: “Following a successful repositioning we have now utilised the high level of demand on the office investment market for an attractive sale.”