IVG Institutional Funds is going to acquire the office complex WestendCarree in Frankfurt from Tishman Speyer. The parties have signed a respective contract, expecting economic transfer later in summer this year. As part of a club deal, two special real estate funds of institutional investors are providing the equity necessary for the transaction. IVG Institutional Funds will handle the fund and asset management.
The property is centrally located at Frankfurt’s Westend and is currently around 95% let. It has a total rental area of approximately 30,600 m² and 318 underground parking spaces. Its tenants include the Max Planck Institute, the French investment bank Natixis, the HR consultancy Michael Page and the airline Emirates. The property is spread across three sections and boasts state-of-the-art office space with flexible usage concepts.
The parties have agreed not to disclose the purchase price. The sales process was led by JLL, the seller was advised by Oceans & Company and Jebens Mensching. IVG Institutional Funds was advised by GleissLutz and Drees & Sommer.