GEG German Estate Group, a joint venture between Germany’s DIC and U.S.-based M&A giant KKR, has invested €275 million ($317 million) to acquire the Garden Tower in Frankfurt from a fund advised by Tristan Capital Partners.
The property was sold out of Tristan’s Curzon Capital Partners IV portfolio.
It offers 27,000 square meters (290,000 square feet) of rentable office space, and a diversified tenant structure of 13 companies that lease 95 percent of the building. The main tenants are Société Générale, AIG Europe, Germany Office and Tribes, a provider of co-working spaces.
GEG now holds three prominent properties in the center of Frankfurt’s banking district with an aggregate investment volume in excess of €850 million ($985 million). These are the Global Tower development currently under construction, and the Japan Center acquired at the end of 2017.
“The Garden Tower complements our investment strategy for high-rise buildings wi
