Barings concludes two transactions in Frankfurt
Barings Real Estate has successfully concluded two transactions in Frankfurt am Main on behalf of an institutional investor – the acquisition of an office building on Eschersheimer Landstrasse, and the sale of a mixed used property on Mainzer Landstrasse.
Barings has acquired Eschersheimer Landstrasse 105-107 from an international investor, represented by Corpus Sireo. The office building was constructed in 1972 and provides a total lettable area of 2,922 sq m. The property, which is currently 40 per cent let to two office tenants, will allow Barings to utilise its asset management expertise to let up the remaining vacant space in the building.
In addition, Barings has sold “Loft193”, at Mainzer Landstrasse 193 in the Gallus district of Frankfurt to Aberdeen Standard Investments. The listed building, acquired in 2016 at 50 per cent occupancy, has a total lettable area of circa.7,700 sq m, divided evenly between office and retail space. Within 10 months of acquiring the property, Barings had undertaken refurbishment works and secured two new office lettings to Atelier Markgraph and Deutsche Bahn AG, taking the asset to full occupancy.
Christoph Wittkop, Managing Director and Country Head – Germany, at Barings Real Estate says: “We are pleased to have successfully executed on our manage-to-core strategy for Loft193. This further demonstrates our active asset management expertise, particularly in the office sector. Acting on behalf of a separate account client, the acquisition of the office building on Eschersheimer Landstrasse enabled us to reinvest, practically “seamlessly”, the proceeds of the sale into the value-add segment of the dynamic Frankfurt real estate market.”
BNP Paribas Real Estate acted as agent for the sale of the property on Eschersheimer Landstrasse. Ashurst provided legal advice to Barings. The sale of Loft193 was brokered by Jones Lang LaSalle. Barings’ legal adviser was FPS Fritze Wicke Seelig Partnerschaftsgesellschaft von Rechtsanwälten.