UBS Asset Management has bought a 21-storey office block in Frankfurt’s central business district for €155 million.
The 17,300 square-metre Turmcenter property was purchased on behalf of an individually structured mandate from Benson Elliot with the price representing a yield of 3.9%
Originally constructed in 1970, the building underwent a major refurbishment in 2016 and is currently 85% let to a diversified tenant roster with a weighted average lease term of 9.3 years.
Mark Gifford, head of transactions at the Real Estate & Private Markets division of UBS Asset Management, said: “We consider this to be optimum timing to gain such a substantial holding in the Frankfurt office market, as it continues to draw a growing list of international corporate occupiers amid undersupply of prime stock.”
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