The joint venture between the New York-based investment company Madison International Realty and the investment manager Peakside Capital AG has exchanged contracts for the sale of the shares in the office property Frankfurt Airport Center (FAC). The shares are bought by a joint venture between Godewind Immobilien AG and ERWE Immobilien AG for c.€168m. The transaction which is structured as a share sale is expected to close by the end of this year.
The office property comprises a total rental space of around 48,000m² and 182 parking spaces and has a strong line up of tenants including Lufthansa, Fraport, Airport Club as well as several airlines and service providers. The asset is directly linked to terminal 1 of Frankfurt airport and located next to the ICE train station.
Boris Schran, managing partner of Peakside, commented: "Together with our local partners, my team could successfully finalize the asset management tasks shortly after the transfer of the property. This once more demonstrates the strengths in the acquisition and implementation of Peakside. The asset now presents a long-term investment basis for future owners.”
Matthias Cordier, Head of Investment Germany, Madison, added: "With our international team and our partner Peakside we could achieve the aims of our common business plan at an early stage. The positive course of this investment again underlines Madison’s strong track record in Germany.”
