Over EUR 1.5 bn of office real estate is set to change hands in Frankfurt as owners seek to take advantage of rising demand for prime assets in the German financial capital.
Landlords hope to build on an investment momentum in the city after the EUR 550 mln acquisition in December last year of the OpernTurm skyscraper in Frankfurt’s financial district by a joint venture of Singapore’s GIC and JP Morgan.
Morgan Stanley Real Estate is believed to be poised to start the marketing process for the 44-storey Trianon office tower in Frankfurt. The 70,000-m2 property is said to have a book value of EUR 470 mln and is expected to be sold as part of the liquidation of the P2 Value Fund.
Morgan Stanley purchased the 186-metre tower at Mainzer Landstraße 16 on behalf of its Eurozone Office Fund from Germany’s DekaBank in 2007. The purchase price was EUR 620 mln, reflecting a net initial yield of 4.2%.
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