PalaisQuartier building complex in Frankfurt sold for over EUR 800 million.

PalaisQuartier building complex in Frankfurt

 

The largest commercial real estate transaction of the year was concluded on December 2, 2014. The PalaisQuartier-Ensemble in Frankfurt was purchased by Deutsche Asset Wealth Management (DeAWM) and ECE Projektmanagement. Drees & Sommer supported the vendor KP Investments throughout the Transaction.

The leased space oft the complex totals 115,000 square meters. Buildings include the Nextower, Hotel Jumeirah Frankfurt, the Palais Thurn & Taxis, and the MyZeil shopping center. The lion’s share of 90 percent was purchased by DeAWM, which will in future focus on asset management of the office space. ECE has a 10 percent holding and will manage the MyZeil shopping center. The deal also includes the neighboring site, formerly occupied by the Frankfurter Rundschau newspaper. The site was purchased by Strabag Real Estate. It is not yet known what plans the purchaser has for it. Drees & Sommer supported the vendor by providing comprehensive consulting services. In addition to the development of a Technical Fact Book and the preparation of property documentation, a key service was purchase contract negotiation support with regard to the complex technical issues involved in the building complex.