Quick flip for €700m Silberturm office tower in Frankfurt

The skyscraper home of Deutsche Bahn in Frankfurt has been placed back on the market just months after Imfarr Beteilgungs and SN Beteiligungen bought it.

In a teaser document seen by PropertyEU, appointed brokers Colliers and Eastdil Secured are describing the 36-story, 51,593 m2 high rise office as a ‘unique investment opportunity in one of the most important European real estate markets’.

As was widely reported, Austrian family office Imfarr and Swiss holding company SN Beteiligungen acquired the office for something close to €700 mln in December 2020. They bought it from Korea’s Samsung SRA Asset Management, which in turn paid €450 mln for it from IVG in 2014, advised by Hines. Hines acted as investment and asset manager for Samsung SRA.

The sale was officially announced in April this year.

Under new ownership, two major value-enhancing strategies have been completed. Not only have changes been made to the annex building technically and legally, but the lease to Deutsche Bahn on the tower has been extended by 10 years, allowing the company to vacate the annex in exchange.

The tower underwent a €150 mln full refurbishment between 2009 and 2012 and has DGNB silver certification, though gold under new regulations.

Colliers along with BNP Paribas Real Estate acted as adviser to Hines and Samsung meaning Colliers is in line for a double pay day if the asset trades again.

Frankfurt-headquartered bank Helaba also has a vested interest in the building. In April this year it said it had acted as the sole underwriter to Imfarr and SN Beteilgungen.

The joint venture between Imfarr and SN Beteilgungen has been active on the fresh investment front of late.

Earlier this month, the pair emerged as buyers of the Elementum complex in Muninch in a deal said to be worth some €500 mln. Credit Suisse Asset Management was the seller.

Imfarr and SN Beteiligungen earlier this year bought the Highlight Towers in Munich from German fund manager Commerz German cities. Real for around €650 mln.

Imfarr is a family-owned company founded in 2007 in Vienna that specialises in real estate development and investments in Austrian and German cities.


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