Publity sells St. Martin Tower in Frankfurt to Barings
Publity AG has agreed to the sale of St. Martin Tower located in Frankfurt.
The property is being purchased by a joint venture between Barings, on behalf of institutional investors, and the listed firm Coreo AG, for a pan-European core investment strategy.
The transaction is expected to close in 2019. Through this deal, Publity is realizing the second profitable sale of a property from its own portfolio.
Publity acquired the St. Martin Tower, which has a leasable area of approximately 26,000 square meters (280,000 square feet) in April 2019, through its subsidiary Publity Investor Gmb.
The office complex is almost fully leased with high-rent tenants and is in a prominent location in west Frankfurt. The property consists of two interconnected buildings, the 18-story Tower and the seven-story Wing. The property also has 397 car parking spaces.
Thomas Olek, CEO of Publity, commented, “The sale of St. Martin Tower underpins our well-functioning and