The asset manager HANSAINVEST Real Assets GmbH from Hamburg has now acquired a 50% stake in the Global Tower project development from GEG German Estate Group AG. Upon completion of the project in late summer 2020, she will acquire the building in full for one of her special funds. The entire project development, rental and construction work continues to be the responsibility of the GEG. The Global Tower will have 33,000 sqm of rental space spread over 30 upper floors. The total investment volume is around EUR 340 million. Only a few days ago, the GEG had announced the first large-scale letting immediately after construction began on Europe’s leading co-working provider Spaces (Regus Group).
The seller was advised by Noerr LLP and the buyer by GSK Stockmann.
Ulrich Höller, CEO of GEG: “The decision of this highly professional investor to already participate in the project development Global Tower, and then to take over the property after completion, proves the quality and development potential of the Global Tower.”
Nicholas Brinckmann, CEO of HANSAINVEST Real Assets: “Classical meets modernity – this is how you could describe the object that is being created centrally in the Banking District in a nutshell. Together with the GEG, we are developing the existing property into a DGNB Green Building certified building, as we are convinced that the Frankfurt location will continue to develop positively in the future. We are looking forward to working with such a powerful partner as the GEG and looking forward to the coming years. ”
As previously reported:
GEG German Estate Group AG, Frankfurt, began construction work on its Global Tower project, the former Commerzbank high-rise, on Neue Mainzer Strasse 32-36 in Frankfurt in mid-2018. The conversion will create state-of-the-art office space here. In the further course of construction, the building classic is initially gutted inside. At the turn of the year 2018/19, the facade will be successively dismantled and the shell work started. By 2020, the building should be completed. The total investment volume will be around EUR 340 million.