IVG has acquired the office complex BoLa 25 in Frankfurt’s West End for a new specialized fund of the pension scheme for dentists in Westphalia Lippe. The seller is the Hamburg-based DWI Group. IVG performs fund and asset management for this specialized fund.
The complex consists of an impressive pre-war villa and a new six-story building with total rental space of approximately 9,300 m². The main users are the Frankfurt branch of Berenberg Bank and the German office of the US law firm Kaye Scholer, both of which have concluded long-term rental agreements. The parties involved have agreed not to disclose the purchase price.
Over the past months, IVG has already successfully performed several such transactions for customers in the form of individual mandates or club deals via its investment and asset management platform. This year, for example, it purchased a property in Munich for close to €100 million in early January and acquired the prime portfolio for approximately €500 million in early February.
BoLa 25 is located near the Alte Oper in Frankfurt on Bockenheimer Landstrasse 25, one of the top three micro-locations in Frankfurt’s office market. The property fulfills the criteria for LEED Gold certification. It was formerly the headquarters of Allgemeine Hypotheken Bank Rheinboden AG (AHBR). In 2011 and 2012, the pre-war villa was extensively renovated and an existing rear building was demolished and replaced with a modern new building.
The transaction was brokered by BNP Paribas Real Estate. The law firm HauckSchuchardt and the technical consulting firm Valteq acted as advisors to the buyer, while the seller was advised by the law firm trûon.