Deutsche Asset & Wealth Management (Deutsche AWM) announced today that its real estate investment business has acquired the “PalaisQuartier” site in Frankfurt am Main for approximately €800 million.
ECE has invested a 10% stake in the transaction and will assume management of the adjacent shopping mall “MyZeil” which forms part of the complex.
The vacant land known as the “Rundschau Site”, also part of the property, is sold to STRABAG Real Estate for development. The property vendor is KP Investments, part of Rabo Real Estate Group.
The “PalaisQuartier”, located in the Frankfurt am Main city center at the intersection of the Zeil and Große Eschenheimer Straße, offers some 115,000 m² of rental space and consists of five separate buildings: The office tower “NEXTOWER” (approx. 33,790 m² over 32 floors); the hotel tower “Jumeirah Frankfurt” (approx. 26,300 m²; 218 rooms); the reconstructed “Thurn und Taxis” Palace (approx. 6,300 m²); the “MyZeil” shopping mall” (43,800 m²; in excess of 100 retail units and restaurants); as well as an underground car park facility with almost 1,400 spaces.
The purchase price of around €800 million makes the transaction one of the largest in Europe for 2014. The “PalaisQuartier” is known nationally for its trend-setting, contemporary architecture and has won numerous awards including DGNB Gold for Office Building Sustainability.