ING Real Estate Investment Management acquires the landmark WestendDuo high-rise towers from HOCHTIEF Group. The complex is located on Bockenheimer Landstrasse in the heart of Frankfurt's central business district in Germany and is considered to be an architectural benchmark for the city.
The WestendDuo property was bought for the portfolio of ING Insurance. With a purchase price of over €240 million, the acquisition is one of the top five single-asset deals in Germany in 2006. Construction of the two streamlined towers, with 26 floors each, was completed in mid-December 2006.
The acquisition comprises approximately 32,700 m² of space (26,500 m² of office, 950 m² of retail, 1,708 m² of storage, 646 m² of residential and an underground car park with around 202 parking spaces). Tenants include Hengeler & Mueller (one of Germany's top law firms) and Henderson Global Investors. Further leasing is currently in progress.
"The WestendDuo investment marks ING Real Estate's second office transaction in Germany and builds on plans to further invest in the region and to continue our relationship with strong partners like HOCHTIEF Aktiengesellschaft", said William Rowson, Head of European Acquisitions, ING Real Estate Investment Management Europe.
Source: ING Real Estate