(FRANKFURT) - Hines, the international real estate firm, has finalized the sale of Frankfurt’s Silberturm on behalf of an international consortium. IMFARR and SN Beteiligungen Holding AG purchased the office building in an off-market deal. It was the largest single asset transaction in Germany in 2020. Hines acted as investment and asset manager for the seller since the consortium’s acquisition in 2015. All parties have agreed not to disclose the purchase price.
Daniel Reichwein, Managing Director at Hines, says: “We are very pleased to have once again demonstrated our capabilities as an investment and asset manager in negotiating one of the largest transactions in the market – especially in the recent challenging market environment. We’ve implemented a consistent six-year asset management program with a great result. Silberturm truly is a landmark building and we will continue to identify and develop such attractive properties in the future to create sustainable value for our partners and investors.”
The 166-meter-high Silberturm is located at Jürgen-Ponto-Platz in the immediate vicinity of Frankfurt's CBD and offers a total area of around 50,000 square meters. The transaction also included the directly adjacent "Campus Building" with an area of approx. 22,000 square meters. The single-tenant for both buildings is Deutsche Bahn AG with the group's own service provider DB Systel its occupier.
The seller was advised by Ashurst LLP (legal), PWC (tax) and Drees & Sommer (technical DD). The buyer was advised by McDermott Will & Emery LLP (legal & tax). Colliers and BNP Paribas Real Estate acted as sales broker for the transaction.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion1 of assets under management, including $75.5 billion for which Hines serves as an investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 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. ¹AUM includes both the global Hines organization as well as RIA AUM.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 55 cities in 13 countries, with €22.7 billion of assets under management, including €19.8 billion for which Hines serves as an investment manager and €2.9 billion for which Hines provides third-party property-level services, in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
Since the opening of its site in Germany in 1991, Hines has acquired or developed a total of 59 properties with an overall surface area of over 2.4 million m² for Hines or on behalf of external clients, including properties such as the Main Tower, 160 Park View and the Silberturm in Frankfurt, Zoom and Quartier Südkreuz in Berlin, Hofstatt, Uptown München, Tucherpark and OSKAR in Munich, the Überseequartier Nord district in Hamburg, the Benrather Karree and Kö-Quartier in Düsseldorf, and the Postquartier and Kronprinzbau 1+2 in Stuttgart. Hines currently manages property in Germany with an overall value of around €7.2 billion as an asset and development manager.
Visit www.hines.com for more information.