The “MainTor Porta” office new build in Frankfurt/Main, developed by Deutsche Immobilien Chancen (DIC), has found a financially strong investor in Union Investment Real Estate GmbH. The Hamburg-based fund management company has signed an agreement to acquire the development, which is set to comprise approximately 22,500 sq m of rental space, for its institutional real estate fund UniInstitutional European Real Estate. The purchase price for the property is some EUR 155 million. The building is fully let on a long-term lease to Union Asset Management Holding AG and will be transferred to the fund after the tenant has moved in, which is scheduled for mid-2014. The seller is aiming to obtain Gold certification from the German Sustainable Building Council (DGNB) for the building. It incorporates many sustainability features and is situated in a highly attractive location near the banks of the river Main. Union Investment was advised on the legal aspects of the transaction by Clifford Chance.
The new MainTor Quarter in the south of Frankfurt’s banking district boasts excellent transport infrastructure and after completion will offer some 108,000 sq m in which to work, live and relax. The site is close to the future headquarters of the European Banking Authority (Eurotower) and only a two-minute journey from the main railway station. It can be reached from the airport by public transport in less than 20 minutes. With its elegant natural stone façade, “MainTor Porta” comprises 6 storeys in the base building and 18 in the office tower. The efficient and flexible building design allows floors to be easily divided, thereby enabling multi-tenant use. “With its high construction quality and future-oriented location, this property will offer the secure returns that many investors are currently looking for,” said Dr. Frank Billand, the member of the management team at Union Investment Real Estate GmbH responsible for the acquisition.
Source : Company