Patrizia Immobilien AG, acting on behalf of the Patrizia ‘Gewerbe-Immobilien-Deutschland III’ fund, has acquired the Marienbader Höfe office property in Bad Homburg. The company purchased the property from Commerz Real. The building is fully-let with an average remaining lease term of more than five years. Both parties have agreed not to disclose the purchase price.
The nine-storey Marienbader Höfe property was built in 2000 for single-tenant use. In 2016 it underwent a €11m refurbishment programme which converted the property into a multi-tenant building with 27,000 m² of lettable space and 500 underground parking spaces. Current tenants include The Deutsche Leasing Group, First Data and Fresenius.
Daniel Dreyer, Patrizia’s Head of Commercial Acquisitions, said: “We identified Bad Homburg as a city with a strong economic potential. As well as hosting international companies such as Fresenius, Hewlett Packard and Lilly Pharma, its population of around 53,000 inhabitants boasts the second-highest rate of spending power in Germany. The property’s excellent micro-location between the train station and the city centre, diverse tenant mix and opportunities for further active asset management make this a very attractive investment for our clients.”
Bad Homburg is situated to the north of Frankfurt just 15 minutes from Frankfurt Airport and 20 minutes to the Frankfurt’s central business district.
