After a successful leasing campaign in autumn 2015, Commerz Real has announced the signing of the sale and purchase agreement for the Frankfurt office property Silva Sachsenhausen in its CFB Fund 142. The property on Darmstädter Landstraße in Frankfurt am Main was purchased by a special purpose entity of WealthCap. The purchase price amounted to €86m. The transaction is expected to be completed by the end of 2016. The exclusive broker consulting on the transaction was Savills Immobilien Beratungsgesellschaft mbH.
“We are very pleased that thanks to our excellent asset management we have once again been able to demonstrate how we secure value for our investors,” said Heiko Szczodrowski, managing director of Commerz Real Fondsbeteiligungsgesellschaft mbH (CFB). “Following the successful leasing campaign last year and also with a view to the market environment it was a favourable point in time for the sale.”
Commerz Real had acquired the office building in October 2002 upon its completion for its CFB Fund 142. Following the successful conclusion of new leases and lease extensions approximately 94% of the rental spaces in the property are leased in the long term. In June 2014, advertising agency Ogilvy & Mather GmbH concluded a lease agreement for approximately 19,400m² of rental space (67% of the total area) and an initial term of 10 years. Likewise, Twentieth Century Fox of Germany GmbH extended its lease agreement through to mid-2021 and increased the rental space to 2,750m². The weighted average lease agreement term for the property currently amounts to approximately six years.
The former fund real estate is a modern, functional office building with 27,493m² of office space and 3,260m² of storage space. The property on Frankfurt’s Darmstädter Landstraße is characterised above all by its high degree of flexibility and the high-quality fit-out of the office areas. The micro-location is situated in a prominent position in the mature and established Frankfurt-Sachsenhausen district with excellent transport links to the city centre and autobahn, as well as to the airport.
