Allianz Real Estate buys €1.4b Frankfurt tower
Allianz Real Estate has acquired the €1.4 billion ($1.66 billion) Tower 1 of the new FOUR development in Frankfurt on behalf of a joint venture among several Allianz group companies and a Universal-Investment fund domiciled in Luxembourg, administered on behalf of German pension fund Bayerische Versorgungskammer (BVK-Fund).
The property, which is being constructed in the heart of Frankfurt’s banking district, is the largest single-asset deal in Germany so far in 2021. This is the second such joint venture between Allianz and BVK-Fund, following the forward deal in 2019 to acquire the EDGE East Side Tower in Berlin.
FOUR T1 is a 233-meter (764-foot) high-rise building offering more than 82,500 square meters (888,022 square feet) — of which 74,800 square meters (805,141 square feet) will be offices — across its 54 floors.
It will be the third-tallest skyscraper in Frankfurt.
The other three towers in the development will offer residential units and