Hines, acting on behalf of the Hines Pan-European Core Fund (HECF), has acquired “Werfthaus” office property in Frankfurt, for a price of approximately €114m. The building was sold by Tristan Capital Partners; with Barings Real Estate acting as an asset manager. “Werfthaus” offers 14,336m² of office space and 208 parking spaces. The building’s new anchor tenant is the online platform Check24. The asset was completed in 2009 according to a design by the architectural firm KSP Jurgen Engel, and benefits from easy access by the public and private transport.
Peter Epping, HECF Fund Manager, said: "We are very satisfied to have secured this attractive investment opportunity for our Hines Pan-European Core Fund in an attractive and growing location in the Frankfurt market. Besides our existing asset Marienbogen, this is the Fund’s second investment into the strongly performing Frankfurt office market. Aside from the stable earnings profile, the Fund offers to its investors from its existing diversified portfolio, investments in assets like Werfthaus are expected to add to the growth of the capital value of the portfolio over time.”
Daniel Reichwein, Head of the Hines office in Frankfurt, added: "The Werfthaus building is recognized for its location in the emerging Westhafen sub-market, high-quality furnishings and a unique view of the Main River and the Frankfurt skyline. Our local team has significant expertise in development and asset management. Our aim is to continuously improve the value of the building."