OFFENBACH, GERMANY-Euroffice, a $1 billion fund of AEW Europe, has purchased MainPark am Kaiserlei here. Bayerische Bau und Immobiliengruppe sold the office complex.
The 300,000-square-foot complex is fully leased to the French firm Areva NP GmbH. The company has a 20-year lease contract.
The sale is part of a carefully-selected disposition plan, said Kai-Uwe Ludwig, a member of the management board responsible for the investment and transaction division at Bayerische. “In line with our portfolio strategy, we want to increasingly focus on investments in locations in the centers of cities of Berlin, Frankfurt and Hamburg, in addition to our core market of Munich,” Ludgwig said in a statement.
So far this year, AEW Europe has invested about $252 million in core office assets in Germany. “We feel the Frankfurt regional office market is bottoming out, which makes this an interesting time to buy,” said Gereon Kohlgrueber, director of investments for the company.
The sale price was not disclosed. In February, the firm purchased a fully-leased, 155,000-square-foot office building in Frankfurt from Macquarie Office Trust for $50 million.
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