IVG has acquired three office and retail properties in Frankfurt/Main and Berlin and contributed them to a Luxembourg‑based fund as part of a portfolio transaction. The equity required for the transaction is being provided by the exclusive investor, a German pension fund. IVG will perform fund and asset management for this individual mandate and is a co‑investor.
The properties make up the 'prime portfolio', which consists of the real estate development projects 'One Goetheplaza' and 'T11' in Frankfurt and 'K195' in Berlin.
Each of the three properties has a prime inner-city location and an attractive tenant mix. The total value of the portfolio is around 500 million. The seller is an investment fund of the Freo Group. The parties have agreed to maintain confidentiality with regard to the exact purchase price.
"With this transaction, we are once again demonstrating the high regard in which IVG's platform is held by institutional investors. Fund and asset management from a single source, a clear commitment as a co‑investor and the broad range of extremely diverse investment vehicles available to us, including outside Germany, mean that we are able to deliver tailored investment solutions for almost all investor requirements," commented Dr. Wolfgang Schäfers, CEO of IVG Immobilien AG.
"As such, the prime transaction represents the systematic continuation of our club deal strategy for institutional investors," added Steffen Ricken, Managing Director of IVG Institutional Funds responsible for product development. "This acquisition also serves to reinforce IVG's claim as a leading specialist for major transactions in the usage classes of office and retail in Germany," noted Oliver Zimper, Global Head of Transactions and Managing Director at IVG Asset Management.
One Goetheplaza is an office and commercial property in a prime inner-city location in Frankfurt with the prestigious address Goethestraße 1. The property has a total leasable area of around 13,700 m², 5,100 m² of which consist of high-quality retail space that is let to tenants such as Louis Vuitton, Escada, Omega and Nespresso. The tenants of the office space include the corporate law firm Heuking Kühn Lüer Wojtek.
The Taunusanlage 11 property is a fully renovated office tower in the heart of Frankfurt's banking district, opposite the head office of Deutsche Bank. The main tenant of the around 9,700 m² of total space will be the law firm Gleiss Lutz.
Kurfürstendamm 195 is a building complex consisting of renovated older properties and new buildings with a total leasable area of more than 15,000 m². The tenants of the around 3,400 m² of retail space include Escada, Strenesse and Phillipp Plein, while the office space is let to various top-class users.