ABG Capital has acquired a 19,800 sq m office building in Eschborn near Frankfurt from the developer Cilon for around €113 million.
The 12-storey building, Sky, which has been acquired on behalf of a club of institutional investors, is in the centre of the town at Frankfurter Strasse 60-68. The property is fully let on long-term leases and tenants include Hyundai Mobis, Hyundai Glovis, Manpower Germany, and Orion Engineered Carbons. The property also has about 600 sq m of restaurants.
Sky was built in 1998 but Cilon has extensively refurbished the building in 2021 and 2022. The building has a BREEAM Very Good certificate.
ABG Capital is ABG Real Estate Group’s investment management arm. Piotr Bienkowski, managing partner of ABG Capital: “Sky offers outstanding potential for the future, both in terms of the location’s further development as well as regarding the property’s equipment and highly configurable office space. Thanks to its flexible floor plan layout, Sky perfectly captures the zeitgeist for ‘New Work’.”
ABG Capital has assets under management worth more than €670 million.