- Sale completes the core investment made on behalf of South Korean institutional clients
- Disposition in line with planned hold period
TRIUVA, a PATRIZIA company, announces the sale of the Gallileo office tower in Frankfurt, an investment which was executed as a club deal with South Korean institutional clients, to CapitaLand Limited, a Singapore-based real estate company and CapitaLand Commercial Trust, a real estate investment trust listed in Singapore. The sale price has not been disclosed.
Manuel DeVigili, Head of Investment Management at TRIUVA, said: “As investment and asset manager, TRIUVA was able to acquire this core investment on behalf of South Korean investors at an early stage in the market cycle. The sale is in line with the planned hold period and the investment as a whole has delivered outstanding performance for our clients.”
The Gallileo property is a 38-storey office tower situated in Frankfurt’s central business district. The 34,000 sq m of office space is solely let to Commerzbank while the building also offers retail and gastronomy options. This property was the first office tower investment in Frankfurt made by South Korean institutional investors and the first South Korean institutional club deal in Germany to be initiated and managed by TRIUVA.
PATRIZIA has significant experience with Asia-based institutional clients, having acquired the Commerzbank tower in Frankfurt on behalf of Samsung and London’s Madame Tussauds for Fubon Life. The integration of TRIUVA and Rockspring, whose investor base is almost one-third Asian institutional clients, significantly enhances PATRIZIA’s expertise in managing investments on behalf of global clients.
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. PATRIZIA manages almost 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.