AEW has acquired Baseler Palais, an office building in Frankfurt Am Main, Germany, on behalf of AEW Europe Value Investors II. A sales price was not disclosed.
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 more than €230 million ($253 million) with nine assets in the portfolio.
The fund raised more than €300 million ($330 million) of equity commitments at first close and is targeting total equity of approximately €500 million ($551 million), which will provide a total investment capacity of €1 billion ($1.1 billion).
The seven-story building, which comprises 5,300 square meters (57,049 square feet) of lettable space, is 50 percent let. The main tenant is Leibniz-Institut Hessische Stiftung Friedens-und Konfliktforschung (HSFK), one of the leading peace research institutes in Europe. The asset offers asse
