GEG secures loan for Global Tower deal (DE)

GEG secures loan for Global Tower deal (DE)

pbb Deutsche Pfandbriefbank has extended a loan to GEG German Estate Group AG for the purchase and subsequent refurbishment of the "Global Tower" building in Frankfurt/Main. The amount was not disclosed. Upon completion of an extensive revitalisation programme, the Global Tower will compromise c.34,000m² of predominantly high-quality flexible office space, together with a number of restaurants and other food outlets on the ground floor. In addition, a rooftop terrace will be built on the fourth floor and a skyline terrace on the 25th floor. Conversion work has already begun and is scheduled for completion by the summer of 2020.

 

Built in 1974 and extended in 1994, the office tower - located at Neue Mainzer Strasse in the heart of Frankfurt's banking district – was one of Frankfurt's first high-rise buildings. Commerzbank used it as its headquarters until 1997. The building offers a prime location in Frankfurt's inner city, with excellent public transport connections and nearby services.

 

Gerhard Meitinger, Head of Real Estate Finance Germany at pbb, said: "The full conversion will meet growing demand for high-quality office space in Frankfurt's city centre."

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