Patrizia Immobilien has acquired the Eurotower office building in Frankfurt – one of the most recognisable buildings in European finance – for Fubon Life, one of the largest Taiwan-based insurance companies, for an undisclosed price. The 148-metre, 40-storey building is the former headquarters of the European Central Bank (ECB) and is known as the ‘birthplace of the euro’. A division of the Bank – the ECB Single Supervisory Mechanism – is now the building’s sole occupier.
The Eurotower is located at Kaiserstrasse 29 in the city’s central business district (CBD). The purchase marks Fubon Life’s first deal in Germany and follows the 2015 transaction for the landmark Madame Tussauds building in London, which Patrizia acquired on behalf of this client.
Philipp Schaper, Patrizia’s Head of European Transactions, commented: “This acquisition represents one of 2018’s most prominent transactions in Germany and closes what has been a very strong and successful year for Patrizia in terms of investment acquisitions. The Eurotower is a high-quality, landmark building and represents a sustainable investment for our client in a city with solid and indeed strengthening fundamentals.”
Konrad Finkenzeller, Head of International Capital Markets for Patrizia, said: “Fubon Life has been a Patrizia client for many years and we’re pleased, through this acquisition, to expand our relationship into Germany. For well over a decade we have been able, also through our hubs in Hong Kong and Seoul, to develop longstanding and sustainable relationships with institutional investors throughout the Asia region.”
