PATRIZIA acquires iconic Eurotower in Frankfurt for Fubon Life
This transaction represents Fubon Life’s first deal in Germany.
- Landmark tower at the heart of Frankfurt’s CBD
- Building is the former HQ of the European Central Bank and birthplace of the euro
Augsburg/Frankfurt, 28 December 2018. PATRIZIA Immobilien AG, the global partner for pan-European real estate investment, has acquired the Eurotower office building in Frankfurt – one of the most recognisable buildings in European finance – for Fubon Life, one of the largest Taiwan-based insurance companies, for an undisclosed price. The 148-metre, 40-storey building is the former headquarters of the European Central Bank (ECB) and is known as the ‘birthplace of the euro’. A division of the Bank – the ECB Single Supervisory Mechanism – is now the building’s sole occupier.
Philipp Schaper, PATRIZIA’s Head of European Transactions, commented: “This acquisition represents one of 2018’smost prominent transactions in Germany and closes what has been a very strong and successful year for PATRIZIA in terms of investment acquisitions. The Eurotower is a high-quality, landmark building and represents a sustainable investment for our client in a city with solid and indeed strengthening fundamentals.”
The Eurotower is located at Kaiserstrasse 29 in the city’s central business district (CBD). Its acquisition, managed by PATRIZIA, marks Fubon Life’s first deal in Germany and follows the 2015 transaction for the landmark Madame Tussauds building in London, which PATRIZIA acquired on behalf of this client.
Konrad Finkenzeller, Head of International Capital Markets for PATRIZIA, said: “Fubon Life has been a PATRIZIA client for many years and we’re pleased, through this acquisition, to expand our relationship into Germany. For well over a decade we have been able, also through our hubs in Hong Kong and Seoul, to develop longstanding and sustainable relationships with institutional investors throughout the Asia region.”
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across Europe for more than 35 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages around EUR 40 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.
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