Commerz sells €236m Frankfurt asset

By James Buckley - Thursday, September 07, 2017 14:19

Commerz Real has sold Eschborn Plaza, an office complex in Eschborn, near Frankfurt am Main, where auditing company EY (Ernst & Young) is based in Germany.

The new owner is a consortium of institutional investors led by asset manager Aurec Group, which has paid €236m for the development, reflecting a 6% yield.

The property comprises around 42,000 sqm of office space. It has been part of the portfolio of CFB, Commerz Real's dedicated equity investment subsidiary (investment No. 159), since 2006.

The transaction is projected to secure investors a payout equivalent to 150% of their initial equity contribution. “We laid the foundations for this excellent outcome in 2013 when EY's lease was extended to 2030,” explains Roland Holschuh, a member of Commerz Real's management board.

Eschborn Plaza was completed in 2005, and consists of two 13-floor high-rise buildings, connected by a central shared lobby. The office complex is EY’s largest site in Germany, accommodating 150 partners and more than 2,500 employees.

Commerz Real was advised by Hogan Lovells and BNP Paribas Real Estate, and Aurec Group by Berwin Leighton Paisner.

jbuckley@costar.co.uk

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