The internationally active project developer, portfolio holder, and investment manager Tishman Speyer is acquiring the Bürohaus an der Alten Oper (lit. “Office Building at the Old Opera”), an existing property with development potential for its own, newly founded capital management company in Germany: Tishman Speyer Investment Management GmbH (TSIM) will set up and manage open and closed real estate special funds. The purchase is made via a special AIF for the insurance chamber group. The seller is a property company of the MANN group of companies.
TSIM had received the KVG license from the Federal Financial Supervisory Authority (BaFin) in May 2018. The managing directors are Frank Schäfer and Nils Skornicka. On June 1, 2017, Schäfer joined Tishman Speyer as Managing Director in order to promote the establishment of the KVG and the expansion of institutional business in Germany. Before joining Tishman Speyer, he worked for the Credit Suisse Group in Zurich and Frankfurt, most recently as Global Head Product & Business Development of the Real Estate Investment Management Division and as Managing Director of Credit Suisse Asset Management Immobilien KAG in Germany. Skornicka has been with Tishman Speyer for seven years, where he is responsible for transaction activities in Germany as Managing Director and Head of Acquisitions Germany.
Florian Reiff, Country Head of Tishman Speyer Germany and Chairman of the Supervisory Board of TSIM, says: “With the establishment of our own KVG, we are consistently expanding our presence in Germany.” Frank Schäfer adds: “The launch of our first fund marks an important milestone for ours investment management platform and we are very pleased that we were able to win such a prominent institutional, nationally and internationally experienced investor like the Versicherungskammer group. ”
Bernd Wegener, Head of Real Estate of the Versicherungskammer Group, says: “The Office building at the Old Opera in the best inner city location is a high-quality addition to our German portfolio. We are also looking forward to working with Tishman Speyer. ”
The office building at Neue Mainzer Strasse 75, in a prominent park location with a view of the Old Opera House, has 20,900 square meters of usable space, which is almost completely rented to twelve tenants with good credit ratings – including the financial services provider Bloomberg, the investment bank Lazard, and the law firm Herbert Smith & Freehills. Built in 1984, the building formerly known as the Citi High-Rise was extensively modernized by the seller between 2015 and 2018. The 89 meter high property has LEED Gold sustainability certification.
Nils Skornicka: “The Bürohaus an der Alten Oper is characterized by its excellent location and maximum visibility. We also see potential for value growth, which we want to leverage in the long term. ”
With the Junghof in the immediate vicinity, the OmniTurm under construction and the TaunusTurm, Tishman Speyer is now one of the leading project developers and real estate managers in the center of Frankfurt’s Financial District.
Tishman Speyer was advised on the transaction by King & Spalding (legal & tax due diligence) and Arcadis (technical due diligence). Clifford Chance (legal) and the real estate service provider BNP Paribas Real Estate advised the seller.