Medcap and LUWIN Goethestrasse 2 in Frankfurt
Medcap Real Estate, which has its headquarters in Valencia, and Frankfurt-based investment and asset manager LUWIN Real Estate Managers are acquiring the Frankfurt high-street property Goethestrasse 2 in an off-market transaction.
Medcap and LUWIN plan to completely revitalise the retail and office property to the highest standards, converting it into a top-class trophy asset. During the course of the project, the office space will be extended by a set-back floor, including a generously sized terrace with a view over Goetheplatz and the Frankfurt skyline. After completion, Goethestrasse 2 will offer around 1,600 sq m of lettable retail and office space.
In addition to the acquisition of the property, Medcap and LUWIN announce that they have agreed a long-term extension of the lease with the Italian luxury brand Salvatore Ferragamo. This will be accompanied by the conversion and refurbishment of the rental space into a high-quality retail flagship store in accordance with the wishes and requirements of the tenant, and a substantial optimisation of the external appearance of the property. Further lettings will be concluded shortly.
Dimas De Andres Puyol, the CEO of Medcap, comments: "We are very pleased to have secured the best location on Goethestrasse. We could not have imagined a better start for our activities in Germany. As the entrance to Goethestrasse and due to its high visibility from Goetheplatz, this building has always been one of Frankfurt's most attractive landmarks. With our revitalisation, the location will shine anew. We are very proud to contribute to the positive development of Frankfurt's cityscape."
Manuel DeVigili, the Managing Partner of LUWIN, adds: "You have to take advantage of the opportunity to secure a property in a location of this quality. This is evident from the overwhelming demand from prospective tenants; in particular, our retail spaces are very popular. It shows once again that, especially in periods of uncertainty in the market, properties in outstanding locations perform above average."
Renowned Frankfurt architecture and engineering firm, apd, was commissioned to undertake the extensive and complex revitalisation project. Hogan Lovells provided legal and tax advice on the transaction and the lease.