GEG German Estate Group has acquired the Eurotheum building in Frankfurt/Main from Commerz Real. Total investment volume amounts to approximately €250m. The 110-metre office tower, with 31 storeys and c.23,000m² of rental space, is located in the centre of the banking district (Neue Mainzer Strasse 66–68) near the "Alte Oper" concert hall. The open-ended hausInvest fund, managed by Commerz Real, owned the building since 1996. Commerz Real reorganised the tenant structure of the building, which was the European Central Bank's former residence, in 2015; this included comprehensive revitalisation and technical refurbishment measures. Currently, it is once again let to renowned names, inter alia 17 companies from the finance and insurance industry, such as Commerzbank, Visa, Scope, and the co-working provider Mindspace.
Ulrich Holler, Chairman of GEG's Management Board, said: "This purchase marks another milestone in GEG's young history. Including the acquisition of Eurotheum, we are now invested in nine landmark buildings in Frankfurt, particularly in the banking district."
"The Eurotheum is a perfect example of successful value appreciation as a result of modernisation and repositioning", says Andreas Muschter, Chief Executive Officer of Commerz Real. "In selling the asset, and as a direct consequence of these measures, we have realised a good return for our investors."
