Germany: flavour of the month, or much more?
In the latter half of 2013, German assets across property sectors have been changing hands with immense regularity. But is German property simply the flavour of the month, or is this a sign of the investment climate to come for 2014 and beyond?
Among the many recent transactions of German office property, DIC sold the MainTor Porta office high-rise, located in Frankfurt, to Union Investment Real Estate GmbH for €155 million. It was purchased on behalf of UniInstitutional European Real Estate. The approximately 22,500-square-metre building is one of six subprojects of MainTor Quarter, all of which are still under construction and five of which have already been sold.
Union Investment also acquired the 8,773-square-metre Franklinstrasse 50 office building in Frankfurt on behalf of the UniInstitutional