GEG German Estate Group AG has signed a contract for the acquisition of the architectural icon the Japan Center (Taunustor 2) from Commerz Real. The total investment volume amounts to approx. €280m, with the closing expected to take place at the beginning of 2018.
The Japan Center was built in 1996 by the Berlin-based architect Joachim Ganz. It approximates 29,000 m² of leasable space spread over 28 storeys and 115 underground parking spaces. It is fully leased under long-term contracts.
Commerz Real had acquired the building in 2002 for its open-ended real estate fund hausInvest.The high-rise building has been technically modernised in the past 15 months.
BNP Paribas Real Estate, Noerr LLP, SammlerUsinger and CBRE Preuss Valteq provided consulting services for the transaction.
Ulrich Höller, CEO of GEG: “With the acquisition of the Japan Center we are supplementing our real estate portfolio in the heart of Frankfurt with an additional architectural icon. We maintain a significant number of investment projects in Frankfurt’s central banking district, and intend to benefit from their positive developments."
Andreas Muschter, Chairman of the Board of Managing Directors of Commerz Real: “We are in the process of optimising our portfolio from a strategic stance, and have utilised the strong demand for premium properties in 1A locations to attain a very good result for our investors. We have fulfilled the prerequisites for achieving this added value in the past 18 months with the repositioning of the property and a complete change in the tenant mix through to full occupation.”
