(MUNICH) – Real I.S. AG has acquired the office building Marienbogen in Frankfurt am Main for its special real estate alternative fund (AIF) BGV VIII Europa. The seller of the property is the Hines European Core Fund (HECF). The parties have agreed that the transaction price will not be disclosed.
The Marienbogen complex is located on Marienstrasse in Frankfurt's banking district and has a total leasable area of around 5,906 square meters. The office building was completed in 1992 and extensively renovated in 2015, during which it was certified with ‘Silver’ by the German Sustainable Building Council (DGNB). The main tenant is currently the London-based commercial law firm Bird & Bird LLP. The building has efficient and flexible floor plans, allowing modern approaches to space configuration. This is of particular benefit to tenants with low space requirements.
‘Due to the attractive location in Frankfurt’s banking quarter and its modern fit-out, the property is an ideal investment for the BGV VIII Europa fund. Taking into account the prime location and the outstanding feature of small-scale office spaces, we believe in the future viability of this investment and have decided to acquire it for these reasons, said Axel Schulz, Global Head of Investment at Real I.S. AG.
The Marienbogen building is the 17th investment for the BGV VIII Europa fund. Thus the existing equity capital commitments have been fully invested within a period of slightly more than three years. The investment focus is on Germany and France, as well as the Benelux countries and Spain. The allocation of the fund concentrates on core and core-plus investments. With the Marienbogen the already broadly diversified commercial property portfolio of the BGV VIII Europa fund has been extended further. The targeted annual yield distribution of the investment fund is 3.0 to 3.5 on a ten-year average.
Simone Pozzato, Fund Manager of the Hines European Core Fund, adds: "With the sale of Marienbogen, we are once again demonstrating the strength of our platform. Through active asset management, we have created long-term value.HECF represents a broadly diversified portfolio and is one of the best-performing core real estate funds in Europe across the industry, as well as a pioneer in ESG. Our aim is to maintain and build on these standards.”
Real I.S. received legal consultancy from the law firm GSK Stockmann. Brand Berger provided technical support. The seller was advised by BNP Paribas Real Estate, P+P Pöllath + Partners, Ernst & Young and CBRE (technical).
About the Real I.S. Group
The Real I.S. Group has a track record of 30 years as BayernLB’s fund provider specialized in real estate investment. As a member company of the Sparkassen-Finanzgruppe (German savings banks group, Land central banks and associated companies), the Group ranks among the leading asset managers in the German market. Along with Alternative Investment Funds (specialized institutional AIFs and closed-end mutual AIFs), the range of products and services comprises customized fund solutions, club deals and joint ventures. The company has assets of around EUR 12.5 billion under management. The Real I.S. Group has two licensed investment management companies (KVG) established under the German Investment Code (KAGB) and operates subsidiaries and branches in France, Luxembourg, the Netherlands, Spain, and in Australia. More information is available on the company's websites at www.realisag.de or www.realis-australia.com.au
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management valued at approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm has more than 171 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world.
¹Includes both the global Hines organization as well as RIA AUM as of 30 June 2021.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 62 cities in 13 countries. Hines oversees investment assets under management valued at approximately €21.7 billion and provides third-party property-level services totaling 3.9 million square meters in Europe, in Austria, Denmark, Czech Republic, 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 47 properties with an overall surface area of over 1.8 million m² for Hines or on behalf of external clients, including properties such as Werfthaus and Silberturm in Frankfurt, Zoom and Stadtquartier Südkreuz in Berlin, Hofstatt, Uptown München, OSKAR, Tucherpark, aer and MediaWorks in Munich, the Überseequartier Nord district in Hamburg, the Benrather Karree and Kö-Quartier in Düsseldorf, Friesenquartier in Cologne and the Postquartier, Karlshöhe and Kronprinzbau 1+2 in Stuttgart. Hines currently manages a portfolio of €8.5 billion in assets under management and also provides third-party management services for numerous properties.
Visit www.hines.com for more information.
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