(FRANKFURT, GERMANY) – Hines, the international real estate firm, advised Hana Financial Investment on the acquisition of the office building Helix in Frankfurt-Eschborn from a subsidiary of Commerzbank AG for an undisclosed sum, as part of a sale-and-lease-back-transaction. Acting as Investment Manager in the transaction and, together with United Partners (Korea), Hines will provide the long-term asset management for the property.
Helix—also known as Vitreum—has a total of 36,200 square meters of rentable office space, which will continue to be leased long-term by Commerzbank. Located in the Helfmann Park, the transparent and bright building features an arrow-shaped glass exterior. The name Helix is derived from the Helix structure of the superposed floors with large roof terraces. It was built in 2004 according to a design by the architecture firm Schneider + Schumacher.
“The Helix offers the best prerequisites for a sustainable real estate investment and thus corresponds to our investment philosophy overseas. We look forward to further managing the building and develop our relationship with Hines,” says Desmond D.Y. Jeong, Head of Global Investment Finance Department, Hana Financial Investment.
Daniel Reichwein, Hines managing director, said, “We are very happy to have advised Hana on this transaction, Hines’ first collaboration with Hana in Germany. Helix offers exceptionally high-quality office space in an established and, in future, infrastructurally even better-connected submarket. In addition, the full letting to Commerzbank provides long-term security for the investor."
In the acquisition, the buyer was advised by Goodwin Procter, PWC, Arendt and REC Partners. Clifford Chance and Drees & Sommer provided advice to the sellers. The transaction process was also accompanied by CBRE on the seller side. Long-term financing of the acquisition was provided by Münchner Hypothekenbank.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries. Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.