Commerz Real has sold its Grand Campus office asset in Frankfurt to investment manager Arminius Group acting on behalf of an institutional investor.
Neither party has revealed the price but German language property news service Thomas Daily reported that it is in excess of €500 million.
Grand Campus is located at Mainzer Landstrasse 151-157 and has 60,800 sq m of leasable space. The asset, which is also known as Trading Center and Service Centre (or DLZ), is occupied by Commerzbank on a long lease and is located beside Commerzbank Tower, one of the bank’s key sites in Frankfurt.
The complex was built in 2001 and was sold on behalf of closed-end real estate fund CFB-Fonds 137 Trading Center, Frankfurt City, which was launched in 2000. Following the sale the fund is to be liquidated.
“With the successful sale our investors are profiting from the very dynamic development of this district between the central station and the fair trade grounds,” said Commerz Real’s head of asset structuring portfolio management Heiko Szczodrowski.
Commerz Real was advised by BNPPRE and CBRE.