Patrizia has acquired “ML69”, a multi-let office building in Frankfurt, on behalf of one of its German commercial funds. The asset comprises around 5,000m² of lettable space arranged across six floors and is fully let. Occupiers include ABC Business Center, SIGNAL IDUNA Krankenversicherung a.G. and PINAR Food. Located in the CBD of Frankfurt, the property is situated on Mainzer Landstraße in the heart of the city’s banking district, one of the strongest office locations in Europe. The purchase price was not disclosed.
Thomas Otto, Associate Director Transactions Germany at Patrizia, commented: “This transaction presents an attractive opportunity to acquire high quality, fully let office building generating sustainable income in one of the top seven real estate markets in Germany. Leveraging our expertise, we have already identified an asset management plan to capture reversion and grow income.”
