Warburg-HIH Invest Real Estate GmbH has acquired the mixed-use TurmCarrée building in Frankfurt from the Engel and Kolb families as part of an asset deal. The acquisition was made for the portfolio of the ‘TOP 7 Deutsche Metropolen Immobilien Invest’ open-ended institutional property fund, which was set up for institutional investors in cooperation with NORD/LB Norddeutsche Landesbank. Both parties have agreed not to disclose the purchase price.
The six-storey office and commercial property at Bleichstraße 55 57, next to the Eschenheim Tower, was constructed on the site of the former Turmpalast cinema. Designed by architects KSP Jürgen Engel Architekten, the building was completed in autumn 2014. The TurmCarrée is close to restaurants and retail outlets, as well as the Frankfurter Wallanlagen park that encircles the city centre. The building enjoys good public transport links and is located close to the Eschenheimer Tor U-Bahn station. Frankfurt city centre attractions such as the Römer (town hall square), Zeil shopping street, Hauptwache building and plaza, Alte Oper opera house and the city’s banking district are all a few minutes away on foot.
The building offers a total rentable area of 10,700m², of which 4,640m² are office space. In addition, the building houses retail spaces, a fitness studio, and 12 apartments comprising a rentable area of 870m². The building’s floor space is organised so that it can be divided up into self-contained rental units, and the rentable area can be split into both small and large contiguous rental areas as needed. Furthermore, the property features 34 car parking spaces.
The building has an occupancy rate of over 85%. Its tenants include Migros Freizeit Deutschland GmbH, which runs the ELEMENTS fitness studio, and the German trading company tegut…gute Lebensmittel GmbH & Co. KG. The average remaining lease term is approximately 10 years.
Hans-Joachim Lehmann, managing director at Warburg-HIH Invest responsible for Transaction Management Germany, commented: “Frankfurt’s real estate market has proven to be stable and immune to crises in recent years. The TurmCarrée is situated in a prestigious business district in the city centre which is one of the top five sub-markets in Frankfurt”
The vendors were advised by the law firm Kanzlei bhp–Bögner Hensel & Partner and the brokerage firm BNP Paribas Real Estate, while the law firm Ashurst LLP and Colliers International advised the buyers.
