AEW Europe´s 800 million European core fund, Euroffice, has purchased an office complex, MainPark am Kaiserlei in Offenbach, close to Frankfurt in Germany, from the Bayerische Bau und Immobiliengruppe. The office asset is fully let to the state-owned French company AREVA NP GmbH with a lease length of 20 years on a net lettable area of 28,000 m².
Kai-Uwe Ludwig, member of the management board responsible for the Investment and Transactions division at the Bayerische Bau und Immobilien Group, added: "In line with our portfolio strategy, we want to increasingly focus on investments in locations in the centers of the cities of Berlin, Frankfurt and Hamburg, in addition to our core market of Munich. We are therefore selling carefully selected assets in other locations."
Gereon Kohlgrueber, Director in Investments at AEW Europe in Düsseldorf concluded: "We feel the Frankfurt regional office market is bottoming out which makes this an interesting time to buy."
So far this year in Germany, AEW Europe has invested around 200 million in core office assets.
Source: Bellier Financial