- 1 Minute Read
- 01st March 2013
IVG purchases prestigious Frankfurt office
IVG Immobilien AG, one of the largest real estate companies in Europe, has successfully completed the purchase of office complex, BoLa 25, in Frankfurt’s West End, representatives confirmed yesterday.
Situated in one of the Frankfurt office market’s top locations, BoLa 25 occupies a prime spot on main arterial road Bockenheimer Landstrasse 25, and is certified with a LEED Gold rating in recognition of its low level of emissions.
IVG – who are acting as both fund and asset managers in the transaction – purchased the property as a primary investment on behalf of a specialised pension fund for dentists in Westphalia Lippe.
The acquisition is part of a spate of German investment conducted by the company since the start of the year, having closed a deal worth €100m for a Munich property in January, and a €500m acquisition of a prime portfolio in early February.
With a total area of around 9,300m2, the complex includes a recently opened six storey block and a stately pre-war mansion. The property was previously owned Hamburg-based real estate developers DWI Group, and was tenanted by both Berenburg Bank and US law firm Kaye Scholer, who have both chosen to end long-term leasing arrangements.
Once the headquarters of German financial giant Allgemeine Hypotheken Bank Rheinboden AG (AHBR), the mansion underwent extensive renovation works throughout 2011 and 2012, including the total reconstruction of the rear of the property.
BNP Paribas Real Estate brokered the agreement between the two parties, on which both sides chose not to disclose the final sale price. Lawyers HauckSchuchardt and economic consultancy firm Valteq acted as advisers to IVG, whilst DWI was advised by law firm Trûon.