An affiliate of Starwood Capital Group has acquired Fifty Avon, an office property in Frankfurt am Main, in a joint venture with local operating partner CELLS Property Investors. Terms of the transaction were not disclosed.
Located at Mainzer Landstraße 50, the property totals 20,842m² of GLA and is let to a range of high-quality occupiers including INEOS Styrolution, Fitseveneleven, Robert Half, VisualVest and ecos office centre. The transaction is Starwood’s third investment in Europe on behalf of its vehicle focused on value-add opportunities, following the acquisition of the Diamant2 office portfolio in Hamburg, Germany, in December 2017 and St Vincent Plaza in Glasgow, Scotland, in October 2017.
“We are pleased to invest in an excellent quality office building in an ideal location in central Frankfurt,” said Stephan Schlomberg, Associate at Starwood Capital Group. “We remain bullish on the Frankfurt market as a key beneficiary of Brexit and we believe that the asset will benefit from the continuing westward expansion of the CBD. The combination of the generous 2,600m² floor plates, the excellent space efficiency, and the strategic position in Frankfurt’s centre makes this investment unique.”
Savills and Oceans & Company acted as exclusive advisors to the vendors. Cushman & Wakefield, GSK Stockmann, PwC, and Arcadis acted as advisers to Starwood Capital Group and CELLS Property Investors. Bank financing was provided by Deutsche Pfandbriefbank AG.