AEW announces the acquisition of Baseler Palais, an office building in Frankfurt Am Main, Germany, on behalf of AEW Europe Value Investors II (“EVI II” or the “Fund”). The transaction is the Fund’s first in Frankfurt and the second in Germany, following the acquisition of the Accor Building in Munich last year, and increases EVI II’s assets under management to over €230 million with nine assets in the portfolio.
The Fund raised over €300 million of equity commitments at first close and is targeting total equity of approximately €500 million which will provide a total investment capacity of circa €1 billion.
The seven-storey building, which comprises c. 5,300 sq m of lettable space, is 50% let with a WALT of c. 4.6 years. The main tenant is Leibniz-Institut Hessische Stiftung Friedens-und Konfliktforschung (HSFK), one of the leading peace research institutes in Europe. The asset offers asset management and refurbishment potential in the medium term including to lease up vacant space across the building.
Located in one of Frankfurt’s most dynamic submarkets, Baseler Palais is ideally connected and is situated just one minute away from Frankfurt Central Station, which offers links to the city centre, the Rhine-Main region and the rest of Europe, as well as being in close proximity to the Central Banking District. Frankfurt International Airport is also 12 minutes by train.
Source : Company