TRIUVA has bought the MEANDRIS office building at Europa-Allee 48-54 in Frankfurt am Main from STRABAG Real Estate in the context of an off-market transaction. The total investment is around €105m.
Constructed in 2014 and divided into two symmetrical sections, this seven-storey core property has over 21,000 m² of rental space and 300 parking spaces as well as outstanding flexibility and space efficiency. The main tenants of MEANDRIS are Ed. Züblin AG, STRABAG Property and Facility Services GmbH and the pharmaceuticals company Otsuka.
In the medium term, TRIUVA expects the Europaviertel to gain in value as a result of measures such as the planned urban-railway link with the district. As the Europaviertel is home to the Messe Frankfurt exhibition centre, it is easily accessible from the airport and the main railway station. "In the core segment, the yield gap between the CBD and established submarket locations presents attractive opportunities. We expect a gradual reduction in the yield gap and therefore value growth within submarkets close to the city centre, like the Europaviertel," said Manuel DeVigili, Head of Investment Management at TRIUVA.
Andreas Hülsken, Head of the Rhine-Main division of STRABAG Real Estate, agrees that the sale is particularly important: "MEANDRIS is a real highlight for us, not least because of its fabulous architecture. In addition, as the project developer and seller, we will continue to be long-term tenants together with STRABAG Group companies Ed. Züblin AG and STRABAG Property and Facility Services GmbH. Hence, we are glad to have found the right buyer in TRIUVA."
TRIUVA received legal support from Hogan Lovells International LLP. Drees & Sommer provided technical support for the buyer. Clifford Chance Deutschland LLP acted as legal consultants for the seller.
Sourc: TRIUVA
