TRIUVA has sold the Gallileo office tower in Frankfurt to Capitaland, a Singapore-based real estate company. The sale price has not been disclosed.
Manuel DeVigili, Head of Investment Management at TRIUVA, said: “As investment and asset manager, TRIUVA was able to acquire this core investment on behalf of South Korean investors at an early stage in the market cycle. The sale is in line with the planned hold period and the investment as a whole has delivered outstanding performance for our clients.”
The Gallileo property is a 38-storey office tower situated in Frankfurt’s central business district. The 34,000 m² of office space is solely let to Commerzbank while the building also offers retail and gastronomy options. This property was the first office tower investment in Frankfurt made by South Korean institutional investors and the first South Korean institutional club deal in Germany to be initiated and managed by TRIUVA.
