CA Immobilien Anlagen AG announced the successful finalization of an agreement to sell part of the Tower 185 building. Two German pension institutions are each to acquire one-third of the Frankfurt office property, which has a market value of around €0.5 billion. Through its German subsidiary, CA Immo is to retain a one-third stake and the responsibility for asset management.
The sale coincides with the agreement of a long-term mortgage loan for the property with Bayerische Versorgungskammer (BVK), in the amount of €300 million. Thereby, Bayerische Versorgungskammer successfully expands its real-estate financing operations.
Dr. Bruno Ettenauer, CEO of CA Immo, comments, "The partial disposal successfully concludes the largest development project undertaken by the company to date. We are proud to retain a one-third ownership stake in Tower 185 and look forward to a long partnership with the two buyers. This step is aligned with our strategic goals and enables us to reap further benefits from both the location's growing popularity and the special quality of this property."
Reaching to a height of 200 meters, Tower 185 is Germany's fourth tallest office building. The building was completed in January 2012 and is a landmark of Germany's foremost financial center. Spanning a useful area of 100,000 m², this venture is the largest development project in the company's history. The property's sustainability credentials have been certified to LEED Gold standard.
The principal tenant is PwC, which occupies 71,000 m². Situated downtown on Friedrich-Ebert-Anlage between the banking quarter and the convention center, Tower 185 serves as a gateway to Frankfurt's Europaviertel district, where CA Immo has already built numerous properties both independently and in collaboration with partners and investors. Another driving force for the district and one of its final developments is the Skyline Plaza shopping mall, which stands alongside Tower 185 and opened at the end of August.
Source: CA Immo