DIC Asset AG has acquired “Palais Kronberg”, an office property in Kronberg im Taunus, Germany. Due to the central and conveniently accessed location in the Rhine-Main metro region and in direct proximity to Frankfurt am Main, Kronberg im Taunus has developed into an established office location.
The modern office complex has a lettable area of 12,800m² and is fully occupied by renowned companies. The weighted average lease term (WALT) is 5.7 years. Serving the local demand for office accommodation, the architecturally timeless building has three highly presentable entrances and can easily be divided into units of flexible dimensions. The property was sold by Corestate Capital Holding and the transaction was facilitated by BNP Paribas Real Estate Frankfurt. The purchase price was not disclosed.
“The acquisition of Palais Kronberg continues the growth strategy we pursue for our proprietary real estate stock and thereby improves the key ratios of the Commercial Portfolio. Kronberg is an economically up-and-coming town, and has evolved into a sought office location,” said Sonja Warntges, CEO of DIC Asset AG.
