The ING European Office Fund, managed by ING Real Estate, has acquired No. 15-17 Mainzer Landstrasse, an office property in Frankfurt, from Union Investment Real Estate for €28.5 million. It is the third German property that has been added to the fund's portfolio.
Mainzer Landstrasse, located on a prime corner location in Frankfurt's Bankenviertel central business district, features floor space of around 5,500 m² that provides excellent exposure to Frankfurt's banking quarter.
"This office property is centrally located in the powerhouse of the German economy and represents a highly attractive investment opportunity. Although currently vacant, the property will add considerable value to the fund, given that rental growth is expected to be high and yields in the Frankfurt area are expected to further compress in the coming years," said Leo Weidenaar, Fund Manager, ING Real Estate European Office Fund.
Source: ING Real Estate