CA Immo puts German tower on the market
Austrian investor and developer CA Immo and partners have plans to put Tower 185 in Frankfurt on the market. The sale is currently being reviewed.
The sales price is estimated to be €800 million ($894million), according to other media outlets.
CA Immo holds a one-third share, or 33 percent stake, in the tower.
In 2013 CA Immo sold 66 percent of the property to the German pension fund for auditors and chartered accountants, the Versorgungswerk der Wirtschaftsprüfer und der vereidigten Buchprüfer and PPG, which administers pensions for PriceWaterhouseCoopers Germany. At the time, the property had a market value of approximately €500 million ($558.9 million).
All three parties are expected to sell their stakes when the building comes to market.
Reaching to a height of 656 feet, Tower 185 is Germany’s fourth-tallest office building. It was completed in January 2012 and is a landmark of Frankfurt’s foremost financial center.