DFH Deutsche Fonds Holding AG has acquired the Fürstenhof office/commercial building in Frankfurt's financial district for 126 million from Union Investment Real Estate GmbH.
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Fürstenhof comprises some 18,450 m² of contemporary office space and is almost fully let to Commerzbank AG.
DFH Deutsche Fonds Holding AG, a subsidiary of DIH Deutsche Immobilien Holding Beteiligungsgesellschaft m.b.H., plans to include the listed property in a yet-to-be-launched closed real estate fund.
Originally built in 1900 and completely modernized in 1992 while retaining the historic facade, Fürstenhof comprises some 18,450 m² of contemporary office space and is almost fully let to Commerzbank AG.
The sale price is in line with the most recent expert valuation. Union Investment bought the property off Eurocastle Investment Limited in May 2008 for its open-ended real estate fund UniImmo: Deutschland.
"Current market conditions are throwing up a host of good selling opportunities that we are eager to leverage for our funds," says Dr. Frank Billand, a member of the management board of Union Investment Real Estate GmbH. The intention is to re-invest the proceeds of the sale soon.
Billand: "As part of our core strategy, we are also on the look-out for investment opportunities, particularly in Germany." So far this year, Union Investment has invested some 440 million in office and retail properties in Germany, including the Hofgarten Palais office block in Düsseldorf and Alexa shopping center in Berlin.
Source: Union Investment
Originally built in 1900 and completely modernized in 1992 while retaining the historic facade, Fürstenhof comprises some 18,450 m² of contemporary office space and is almost fully let to Commerzbank AG.
The sale price is in line with the most recent expert valuation. Union Investment bought the property off Eurocastle Investment Limited in May 2008 for its open-ended real estate fund UniImmo: Deutschland.
"Current market conditions are throwing up a host of good selling opportunities that we are eager to leverage for our funds," says Dr. Frank Billand, a member of the management board of Union Investment Real Estate GmbH. The intention is to re-invest the proceeds of the sale soon.
Billand: "As part of our core strategy, we are also on the look-out for investment opportunities, particularly in Germany." So far this year, Union Investment has invested some 440 million in office and retail properties in Germany, including the Hofgarten Palais office block in Düsseldorf and Alexa shopping center in Berlin.
Source: Union Investment
