Deka Immobilien has sold an office building in Frankfurt am Main from the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa. IMAXXAM, an independent partner for the management of real estate funds, has acquired the "Lighttower" in Frankfurt's Ostend district for its real estate fund "German Small Asset Invest" (GSAI). The purchase price was not disclosed.
The building offers more than 10,000 sqm of lettable space and 87 parking spaces. It is almost fully let to 13 users, with the Frankfurt Economic Development Agency occupying the largest area. The property is located at Hanauer Landstraße 126-128 in the Ostend submarket near the European Central Bank and the Ostbahnhof train station. It was built in 1966 and extensively renovated between 2002 and 2005 and extended by one floor.
With this transaction, the fund management of Deka-ImmobilienEuropa is parting with a property that has been held for a long time as part of its portfolio optimisation. Over the total holding period, the fund generated a decent overall result for investors with the property.
