www.property-magazine.eu, 16.03.2018


The office market in Greater Frankfurt flourishes

The purchase price level in Frankfurt has meanwhile reached dizzying heights, fueling the transactions in the commuter belt of the Main metropolis. Right now for example two new office transactions have been completed in Bad Homburg, located about 20 kilometers from the city center. Patrizia Immobilien AG secured the office complex Marienbader Höfe from Commerz Real, shortly before BNP Paribas REIM acquired the new building UnIQus from OFB Projektentwicklung for a mandate.
Patrizia acquires Marienbader Hoefe
Patrizia Immobilien AG announces that it has acquired the Marienbader Höfe office property in Bad Homburg, a city close to the major German financial hub in Frankfurt, from Commerz Real on behalf of the Patrizia „Gewerbe-Immobilien-Deutschland III“ fund (focus on Germany) as part of a core-plus strategy. The property has been owned by the Commerz Real closed-end real estate fund CFB 131 since 1999. Both parties agreed to maintain confidentiality on the purchase price. “Following a successful repositioning, we have now utilised the high level of demand on the office investment market for an attractive sale,” explains Roland Holschuh, the Commerz Real board member responsible for real estate markets.
The nine-storey property at Marienbader Platz 1 was built in 2000 for single-tenant use. In 2016 it underwent an € 11 million refurbishment programme which converted the property into a multi-tenant building with 27,000 sq m of lettable space and 500 underground parking spaces. Current tenants include: The Deutsche Leasing Group, First Data and Fresenius.
The building has been refurbished to a high standard with attractive architecture, a high-quality interior and offers flexibility for cellular, combination offices or open plan layouts. The average remaining term of the leases is more than five years. For Daniel Dreyer, Head of Acquisitions Commercial at Patrizia, Bad Homburg as city with the second strongest buying power in Germany also has great economic potential due to its proximity to Frankfurt. It is home to international companies such as Fresenius, Hewlett Packart and Lilly Pharma. „Furthermore the property´s excellent micro location between the train station and the city centre, diverse tenant mix and opportunities for further active asset management make this a very attractive investment for our clients“, so Dreyer.
BNP Paribas REIM acquires UnIQus
Only 500 meter further - on the other side of the rain station Bad Homburg (S5) - BNP Paribas REIM has secured the recently completed office property Horexstraße 28-30 for the SCPI Opus Real.The asset manager aims to acquire a diversified portfolio of mostly commercial real estate (offices, retail, logistics, hotels…), essentially. Jean-Maxime Jouis, Head of Fund Management at BNP Paribas REIM France, believes that the location will benefit from its prime location in one of the most interesting submarkets in the Frankfurt metropolitan area and by „the average lease length of more than 8 years coupled with the diverse tenant mix of the property (Healthcare, Digital Marketing, Web services and Insurance industry) the investment will ensure cash flows for the SCPI Opus Real“.
Located in the Frankfurt region, the building has an area of approx. 7,700 sq m. The property has just been delivered and obtained a LEED Gold certification. The real estate is fully occupied by four tenants - its main tenant is Fresenius, one of the world leading healthcare companies. The German BNP Paribas REIM subsidiary will take over the asset management of the building, which will be supplemented by a second construction phase. The planning is currently underway