PATRIZIA acquires modern office complex in Bad Homburg
High-quality property added to PATRIZIA’s extensive, Europe-wide office portfolio
- Fully let to a diverse mix of tenants
- Property offers lettable area of 27,000 sq m and more than 500 parking spaces
- Located in a city with strong economic potential, close to Frankfurt Airport and its central business district
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 as part of a core-plus strategy. The property is fully-let with an average remaining lease term of more than five years. Both parties have agreed not to disclose the purchase price.
Daniel Dreyer, PATRIZIA’s Head of Acquisitions Commercial, said: “We identified Bad Homburg as a city with a strong economic potential. As well as hosting international companies such as Fresenius, Hewlett Packard and Lilly Pharma, its population of around 53,000 inhabitants boasts the second-highest rate of spending power in Germany. 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.”
The nine-storey Marienbader Höfe property was built in 2000 for single-tenant use. In 2016 it underwent an EUR 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.
Bad Homburg is situated to the north of Frankfurt just 15 minutes from Frankfurt Airport and 20 minutes to the Frankfurt’s central business district. Over 60 public transport connections run daily between the two cities.
Office space accounts for approximately one third of PATRIZIA’s assets under management. Recent transactions across Europe include the EUR 26m acquisition of the APEX House office complex in Edinburgh and two separate acquisitions in Munich. In addition, PATRIZIA’s portfolio of business parks in the UK was sold in the third quarter of 2017 for approximately EUR 1 billion.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across Europe for more than 30 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 provider of real estate investments in Europe, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. On completing the takeovers of recently acquired real estate investment management companies PATRIZIA will manage almost EUR 40 billion of real estate assets, primarily as a portfolio 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.