Apollo buys Frankfurt business center
Funds managed by Apollo Global Management have acquired the BICC Business Center in Frankfurt.
Knight Frank was exclusively mandated by the seller. The seller is a Luxembourg company owned by three parties and represented by Savills Asset Management London.
The sales price was not disclosed.
The high-rise building on Hanauer Landstraße 328–330 is characterized by its high visibility and prestigious architecture and is currently rented at approximately 70 percent. The main tenants include Energie Deutschland and Ista.
The tower offers a floor space of more than 107,639 square feet on 13 floors.
The office market in the Main metropolis is booming and has set a new demand record with more than 7.5 million square feet of office space last year. At the same time, skyscrapers are experiencing high demand from project developers, users and investors for both commercial and residential use, as shown, for example, by 15 current new-build projects in this segment in Frankfurt.