German mixed-use complex sells for €800m
Deutsche Asset & Wealth Management with its partner ECE Projektmanagement GmbH & Co. KG has purchased PalaisQuartier, a mixed-use complex in Frankfurt. In addition, Strabag AG has purchased the adjacent Rundschauareal land plot.
JLL advised the sale on behalf of the seller, Dutch company Rabo Real Estate Group and KP Investments.
With a purchase price of more than €800 million ($993.6 million), the sale represents by far the largest commercial property transaction in Germany of 2014 and is one of the top five transactions of the year in Europe so far.
“The growing amount of property transaction volume attributed to international investors could have given the impression that German domestic investors have been more laidback toward their home country,” said Jörg Ritter, member of the German management board and head of retail at JLL, in a statement. “But the PalaisQuartier transaction proves otherwise. In a thoroughl