Investcorp, a leading global provider and manager of alternative investment products, announced that its London-based real estate investment team acquired Lyoner Stern, a multi-let office building located in Frankfurt, Germany. The acquisition is Investcorp’s third real estate investment in Germany in the past 12 months.
Lyoner Stern is located in Niederrad, just nine minutes from Frankfurt Central Station. Frankfurt is considered a major financial center of the European continent, with many headquarters based there. Niederrad is considered a back-office location for financial institutions and companies operating in Frankfurt City and offers companies an opportunity to rent space at a significant discount to Frankfurt City.
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The modern building comprises 28,114 sq. m. of office space and is let to several strong German and international tenants. The building is shaped like a star, divided into four wings that are made up of 11 floors above ground and one floor below ground.
Commenting on the acquisition, Neil Hasson, Managing Director – Head of Investcorp European Real Estate, said: “Over the past year, Investcorp has been looking for good properties within the major markets in Germany. As part of that strategy, we are delighted to announce the acquisition of Lyoner Stern. The building is situated in a well-established submarket of Frankfurt which, in recent years, has transitioned from a pure office location to a mixed-use area with growing residential and entertainment components”.
Montano Asset Management, who advised on the acquisition, will serve as asset manager for the asset and Münchener Hypothekenbank provided senior financing for the acquisition.