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Deutsche Immobilien Chancen (DIC) with registered office in Frankfurt am Main was set up in 1998. Today, it is active across Germany and one of the country's leading investment entities for commercial real estate.


Press Release

GARDEN TOWER: GEG has acquired another prime property in Frankfurt's banking district

Frankfurt, 11.09.2018

GEG German Estate Group AG, Frankfurt/Main, has acquired the GARDEN TOWER, located in the heart of Frankfurt’s banking district, from a fund adviced and managed by Tristan Capital Partners, the Curzon Capital Partners IV (CCP IV). The property is situated at Neue Mainzer Strasse 46-50 (on the corner of Neue Schlesingergasse). Total investment volume was approximately €275 million. The 27,000 sqm of rentable office space (with 111 underground parking places) benefits from an excellent and diversified tenant structure, with companies of first-class credit quality: the three main tenants (out of a total of 13) are Société Générale (occupying 31% of rentable space), AIG Europe Limited, Germany Office (14%), and Tribes, a provider of co-working spaces (10%). 95 per cent of the building is currently let. With the Global Tower development, which is currently under construction, and the Japan Center (acquired towards the end of 2017), GEG now holds three prominent properties in the centre of Frankfurt’s banking district – with an aggregate investment volume in excess of €850 million.

Ulrich Höller, Chief Executive Officer of GEG, said: “The GARDEN TOWER complements our investment strategy for high-rise buildings with superb location in Frankfurt/Main. This investment clearly demonstrates that – alongside the Japan Center and the Global Tower development – we are convinced about the potential of micro-location development in the centre of Frankfurt’s CBD.”
Jean-Philippe Blangy, Head of Asset Management at Tristan Capital Partners: "Following the successful implementation of the Tristan Business Plan, the Garden Tower is one of the most attractive high-rise buildings in Frankfurt's banking district. The building is home to valuable features, a diversified tenant structure characterised by first-class credit standing, including the German headquarters of Societé Generale and the international insurance company AIG, as well as LEED Gold certification".

The buyer was advised by Ashurst and Drees & Sommer; Greenberg Traurig and PWC advised the seller. CBRE was entrusted by the sellers with the merchandising of the property.

As a reminder:
Designed by architects Novotny Mähner Assoziierte, the building was constructed between 1973 and 1976 as a head office for Hessische Landesbank (Helaba), which used it until 1999. It was one of the first high-rise buildings in Frankfurt’s banking district. The building consists of two towers: the higher Tower A (127m) has 25 floors, the second Tower B has 15 floors. The standard floors (2nd -14th floor) each consist of an area of 1,400 sqm; floors 15-25 have an area of 600 sqm each. The clear ceiling height ranges between 3.00 metres and 3.80 metres.

A comprehensive modernisation and redevelopment took place in 2005 and 2006, under the direction of architects KSP Jürgen Engel. In the process, the towers were completely gutted, while the polygonal shape remained unchanged. Between 2015 and 2018 extensive conversion and maintenance measures took place, so that today the GARDEN TOWER is a state-of-the-art building with modern surfaces and partially redesigned areas. It is distinguished by twelve conservatories, which can be entered or seen from the offices. A conference floor, a business centre, 24-hour security and concierge service, as well as a rooftop terrace suitable for various occasions, all guarantee a high level attractiveness for tenants and users. The building received LEED gold certification.

GEG's projects in Frankfurt:
1.    MainTor
2.    Global Tower
3.    RIVERPARK Tower
4.    IBC Campus
5.    Villa Kennedy
6.    Japan Center
7.    GARDEN TOWER


About GEG German Estate Group AG
Based in Frankfurt/Main, GEG German Estate Group AG maintains one of the leading German investment and asset management platforms for commercial real estate. Its investment focus and policy are concentrated on three segments: Institutional Business, Opportunistic Investments, and Project Development. Since its establishment in 2015, and within the framework of this clearly-defined strategy, GEG has consistently pursued opportunities to build an extensive and diversified real estate portfolio, comprising some €2.8 billion in assets under management. Besides landmark properties such as the IBC Campus, luxury hotel Villa Kennedy and the Japan Centre in Frankfurt/Main, the portfolio comprises the Sapporo Circle in Munich, as well as developments such as the MainTor city quarter, the Global Tower and the RIVERPARK Tower in Frankfurt, along with the Opera Offices in
Hamburg and the "Junges Quartier Obersendling" development in Munich. The long-standing track record and outstanding reputation of senior management, together with a highly qualified and experienced team, provide the foundation for a leading market position. The two shareholders of GEG German Estate Group AG are Frankfurt-based Deutsche Immobilien Chancen Group ("DIC") as well as KKR Kohlberg Kravis & Roberts, a leading global investment house with exposure to asset classes such as private equity, infrastructure, as well as real estate. Ulrich Höller is Chairman of GEG's Management Board.

More detailed information about GEG is available on www.geg.de.

GEG press contact:
Thomas Pfaff Kommunikation
Höchlstrasse 2
81675 Munich, Germany
Phone: +49 89 99249650
Mobile: +49 172 8312923
kontakt@pfaff-kommunikation.de



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Contact

Deutsche Immobilien Chancen AG & Co. KGaA

Neue Mainzer Straße 20 • MainTor
60311 Frankfurt am Main
Germany

Phone
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Fax
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Media Contact

Thomas Pfaff Kommunikation

Höchlstraße 2
81675 München
Germany

Phone
+49 (0) 89 992496-50
Fax
+49 (0) 89 992496-52



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