DEMIRE has acquired a stake in an office complex in Frankfurt am Main Langen, Germany.
CIELO, the prominent office complex at Theodor-Heuss-Allee 100-104 in Frankfurt am Main, will get a new owner in which RFR Group and DEMIRE Deutsche Mittelstand Real Estate AG will hold equal stakes. DEMIRE has also contractually secured a purchase right for the entire building complex as part of the transaction. The total transaction is valued at more than €270 million ($326 million). The parties expect the transaction to close in the second quarter of this year. The asset, which was built in 2003 and extensively refurbished from 2018 to 2020, is leased to Commerzbank AG on a long-term basis. Cielo comprises around 37,000 square meters (398,265 square feet) of total space and offers modern technical equipment as well as contemporary space layouts. The location is within walking distance of the Frankfurt Trade Fair and on one of the main roads of the city.
