Generali Real Estate has agreed to acquire 10tral, an office and commercial building in Frankfurt’s city centre, from OFB Projektentwicklung (OFB) as part of a forward deal.
The parties have agreed not to disclose the purchase price.
The building will be acquired on behalf of the panEuropean fund Generali Europe Income Holding (GEIH), managed by Generali Real Estate S.p.A Società di gestione del risparmio.
10tral is located in Bleidenstraße 6, comprising around 4,800 sqm of rental space. A high-quality asset in an excellent location, the building is currently undergoing a complete refurbishment expected to be completed at the end of 2022.
It will enjoy the highest sustainability standards, aiming to the achievement of the LEED Gold certification thanks to features such as a new high-quality and energy-efficient façade.
The 10tral building is located in the heart of Frankfurt’s city centre and takes advantage of excellent transport connections and close proximity to central points of interest such as the Kleinmarkthalle, the inner-city transport hub Hauptwache, Frankfurt’s old town and the main shopping street Zeil.
The building is hosting the offices of the software service provider for digital financing Portagon, and the Papier Kraemer shop.
Lukas Jeckel, Head of Region Central Northern Europe at Generali Real Estate, comments: “10tral is an impressive project for its state-of-the-art quality and top-level sustainability features, thus meeting the high demands of our company and representing an ideal addition to our existing real estate portfolio.”
Generali Real Estate said the acquisition of 10tral is fully in line with its strategy of investing in prime office and high street retail assets in the most important and resilient European cities such as Frankfurt, and confirms the relevance of the German market in the company’s investment strategy.
In Germany, Generali Real Estate currently manages a ortfolio of 230 properties, worth about € 4.5 bn.
