GEG German Estate Group has acquired the Garden Tower complex located in the heart of Frankfurt’s banking district, from a fund advised and managed by Tristan Capital Partners, the Curzon Capital Partners IV (CCP IV) for c. €275m. The property comprises 27,000m² of rentable office space (with 111 underground parking places) and is 95% let, with major tenants including Societe Generale, AIG Europe Limited, Germany Office and Tribes.
Ulrich Holler, Chief Executive Officer of GEG, said: “The Garden Tower complements our investment strategy for high-rise buildings with a superb location in Frankfurt/Main. This investment clearly demonstrates that – alongside the Japan Center and the Global Tower development – we are convinced about the potential of micro-location development in the centre of Frankfurt’s CBD.”
Jean-Philippe Blangy, Head of Asset Management at Tristan Capital Partners: "Following the successful implementation of the Tristan Business Plan, the Garden Tower is one of the most attractive high-rise buildings in Frankfurt's banking district. The building is home to valuable features, a diversified tenant structure characterised by first-class credit standing, including the German headquarters of Societe Generale and the international insurance company AIG, as well as LEED Gold certification".
The buyer was advised by Ashurst and Drees & Sommer, while Greenberg Traurig and PWC advised the seller. Barings Real Estate worked as Operating Partner with Tristan. CBRE was entrusted by the sellers with the merchandising of the property.
