GEG purchases the Eurotheum building in Frankfurt from Commerz Real
Total investment volume of approximately €250 million
Prominent example of a successfully refurbished and re-positioned core property
GEG German Estate Group has acquired the Eurotheum building in Frankfurt/Main from Commerz Real. Total investment volume amounts to approximately €250 million.
The 110-metre office tower, with 31 storeys and approx. 23,000 sqm rental space, is located in the centre of the banking district (Neue Mainzer Strasse 66–68) near the "Alte Oper" concert hall. The open-ended hausInvest fund, managed by Commerz Real, owned the building since 1996. Commerz Real reorganised the tenant structure of the building, which was the European Central Bank's former residence, in 2015; this included comprehensive revitalisation and technical refurbishment measures. Currently, it is once again let to renowned names, inter alia 17 companies from the finance and insurance industry, such as Commerzbank, Visa, Scope, or the co-working provider Mindspace.
BNP Paribas Real Estate and CBRE acted as intermediaries; Hengeler Müller (for the buyer) and Freshfields (for the seller), as legal advisors.
With this purchase, GEG, which was only founded three years ago, now has assets under management of more than €3 billion. Ulrich Höller, Chairman of GEG's Management Board, says: "This purchase marks another milestone in GEG's young history. Including the acquisition of Eurotheum, we are now invested in nine landmark buildings in Frankfurt, particularly in the banking district.
The Eurotheum is a perfect example of successful value appreciation as a result of modernisation and repositioning. In selling the asset, and as a direct consequence of these measures, we have realised a good return for our investors.
Andreas Muschter, Chief Executive Officer of Commerz Real