Tishman Speyer acquires iconic Frankfurt property (DE)

Tishman Speyer acquires iconic Frankfurt property (DE)

Tishman Speyer has acquired the Burohaus an der Alten Oper, a trophy asset with value-add potential for its new German investment management platform (KVG). The acquisition was made via a Special AIF for German insurance group Versicherungskammer. The seller of the asset is a special purpose vehicle of the Mann group. The purchase price was not disclosed.

 

Located on Neue Mainzer Strasse 75, the asset comprises 20.900m² of floor space and is leased to twelve tenants, including financial service company Bloomberg, investment bank Lazar and law firm Herbert Smith & Freehills. Built in 1984, the property formerly known as Citi-Hochhaus was extensively renovated by the seller between 2015 and 2018. The 89-m tall building received a LEED Gold sustainability certificate.

 

Florian Reiff, Country Head of Tishman Speyer in Germany and chairman of TSIM’s supervisory board, said: “With the foundation of our own KVG, we continue the consistent expansion of our presence in Germany.”

 

Frank Schafer added: “The launch of our first fund forms an important milestone for our investment management platform. And we are glad to have attracted such a prominent, nationally and internally experienced, institutional investor as Versicherungskammer right from the start.”

 

Bernd Wegener, Head of Real Estate at Versicherungskammer Group, said: “The Barohaus an der Alten Oper in a prime inner-city location is a high-grade addition to our German portfolio. We are also looking forward to our cooperation with Tishman Speyer.”

 

Nils Skornicka: “The Burohaus an der Alten Oper stands out due to its excellent location and high visibility. We have identified upside potential which we are planning to raise successively over the long term.”

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