An announcement has been made by Deutsche Asset & Wealth Management that their real estate investment division has acquired the site of "PalaisQuartier" in Frankfurt am Main.ECE will hold a 10% share of the transaction and is set to take control of management of ‘MyZeil’, the shopping mall next door, which is also included in the complex. STRABAG Real Estate has obtained vacant land belonging to the property, ‘Rundschau Site’.
The main property offers 115000m² in rental space and holds five individual buildings. It is located in the city center of Frankfurt am Main, at the junction of Große Eschenheimer Straße and the Zeil. The Nextower office tower measures around 33790m² over 32 floors; the Jumeirah Frankfurt hotel tower around 26300m², with 218 rooms; the Thurn und Taxis Palace 6300m²; the shopping mall, MyZeil, 43800m², with more than 100 retail stores and restaurants, and the underground parking area offering 1400 spaces.
With a purchase price of €800m, this has become one of the largest transactions in Europe during 2014. The PalaisQuartier is nationally renowned for its modern architecture and it has received several awards, including DGNB Gold for Office Building Sustainability. ‘MyZeil’ played host to about 15 million visitors during 2013, making it one of the most-visited centers within Germany. The ‘Nextower’ boasts an occupancy rate of 36%.
ECE are looking forward to enhancing the Quarter with their partners. KP Investments have stated that they have fulfilled their mandate to manage a portfolio including three of the largest assets of the Rabo Real Estate Group.