AEW, acting on behalf of its City Office Germany Fund, has acquired an office tower at Hahnstraße in Frankfurt’s submarket of Niederrad, from Deka Immobilien. The AEW City Office Germany Fund – a German real estate Spezial-AIF- primarily focuses on identifying properties offering value potential in either established or developing areas within Germany’s top six cities. The property was previously held by the open-ended real estate retail fund "Deka Immobilien Europa". The purchase price was not disclosed.
The 14-storey "Quadra" building offers c.10,000m² of lettable area, as well as 159 parking spaces, and is almost fully occupied. The property, which was refurbished in 2001, holds a LEED Gold certification and is located within a short walking distance from the nearby railway station.
Lars-Henning Pylla, Fund manager of the AEW City Office Germany at AEW, said: "Frankfurt-Niederrad is gradually transforming itself from a classic back-office location into a vibrant working and residential district, which aims to provide efficient and well-connected offices spaces such as "Quadra" tower. The acquisition further diversifies the Fund’s portfolio through the inclusion of another German city and we expect to be active participants in the development of this location over the long-term".
