German investor pays €400m for Frankfurt office campus
GEG German Estate Group AG, a Frankfurt-based investor, has acquired the IBC – International Business Campus in Frankfurt in an off-market transaction. The property was sold by RFR Holding for approximately €400 million ($454 million), marking the largest single-property deal in Germany so far in 2016.
The property consists of a three-building complex located at Theodor-Heuss-Allee 70–74, totaling more than 904,168 square feet, and includes a 541-space underground parking garage. It is occupied on long-term leases, and complements the “landmark core” business line of the GEG portfolio.
The IBC is one of Frankfurt’s best-known office properties and is certified LEED Gold. Tenants include Deutsche Bank AG, Degussa Bank, Universal Investment and KfW on long-term leases, some of them recently renewed. Transaction financing was provided by Berlin Hyp. GEG was advised by CMS Hasche Sigle and Jebens Mensching LLP, while Clifford Cha