Thu, 15/11/2012 - 12:06
Real estate private equity firm Peakside Capital and German property development company Gross & Partner have acquired, in a 50/50 joint venture, two vacant offices for redevelopment in Frankfurt’s central business district.
The buildings were acquired from BHF Bank, the former owner occupier and a subsidiary of Deutsche Bank. The terms of the transaction are confidential.
Peakside, alongside Gross & Partner, will fully redevelop the two sites, with a land plot totalling 2,581 sqm, located at 74 and 80 Neue Mainzer Strasse into approximately 12,000 sqm GLA of prime office and retail space. The completed development will add much needed retail space of c.2,900 sqm GLA into the premium retail area surrounding Goethestrasse as well as a further c. 9,100 sqm GLA of prime office space in the heart of Frankfurt’s business district.
Boris Schran, founding partner and head of origination and acquisition of Peakside Capital, says: “The acquired assets have unique potential and this transaction has given us the rare chance to secure one of the last prime development sites in Frankfurt, one of the strongest markets in Germany. The sites have been acquired from BHF Bank which has recently vacated the properties in a move to wind down its real estate portfolio. The sites offer a number of options for potential uses and configurations and our current redevelopment plans for these assets seek to deliver high-class, prime office space and much in demand retail venues into the supply-constrained market of Frankfurt’s business district. Alongside our joint venture partner, we will provide the capital and expertise required to transform these assets into first class space which will be attractive to premium office and retail tenants.”
Jürgen Gross and Nikolas Bieber, managing partners at Gross & Partner, say: “The building’s unrivalled location enables us to develop an unique asset for even the most demanding of occupiers. The combination of high class retail space, which is in scarce supply in this area, with quality office space is unbeatable and the redevelopment will improve both the current office and retail offer in the city of Frankfurt. We are looking forward to working together with Peakside Capital on this exciting project.”
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