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At the end of last week, a consortium of investors led by IVG concluded a purchase agreement to acquire the Silver Tower property in Frankfurt am Main from Commerzbank AG. The property involved in the transaction comprises the building complex of Jürgen-Ponto-Platz 1 (Silver Tower) and the building immediately adjacent, Gallusanlage 8. A confidentiality agreement has been signed between both parties regarding details of the purchase agreement. Together with institutional investors, who provided over 90% of the fund equity, and a long-term equity interest from IVG Immobilien AG, the transaction was carried out as a club deal. As part of this transaction, financing was provided by a major German pension scheme for a period of 10 years.
The 166-metre, 36-storey Silver Tower, located in the middle of Frankfurt’s banking district, is considered a landmark property and has been undergoing extensive modernisation since 2009. The total area of the complex (approximately 72,000 m²) is leased to Deutsche Bahn AG on a long-term basis.
The modernisation of the building formerly used as a headquarters by Dresdner Bank is almost complete, with Silver certification from the DGNB (German Sustainable Building Council) expected in 2012.
“We are delighted that our compelling bid to acquire the Silver Tower has been accepted. Thanks to our excellent relationships with our investors and our extensive transaction expertise, we made use of a structured process to successfully raise over €200 million in equity for this outstanding investment within a short space of time”, comments Dr Wolfgang Schäfers, CEO of IVG Immobilien AG. “With the acquisition of the Silver Tower, IVG has once again demonstrated the far-reaching fund, transaction, property and structuring expertise of its strong and effective team”, adds Dr Schäfers.
The transaction is part of the investment platform strategy defined by IVG Immobilien AG in 2010. According to this strategy, IVG selectively acts as co-investor in institutional investment products from the property and infrastructure segments. Successful placements include the IVG Cavern Fund, the IVG Protect Fund and the IVG Premium Green Fund.
Silver Tower facts
Complex - Jürgen-Ponto-Platz 1 (Silver Tower), Gallusanlage 8 (Executive Headquarters)
Location - 60329 Frankfurt am Main
Vendor - Commerzbank AG
Certification - DGNB Silver (targeted)
Construction year - 1975-1978 (Silver Tower), 1964-1967 (Executive Headquarters)
Modernisation - 2009-2011 (Silver Tower), 2009-2010 (Executive Headquarters)
Height - 166 metres, 36 storeys above ground (Silver Tower)
Area - 71,708 m²
office space - 65,943 m²
storage space - 5,765 m²
Parking spaces - 90
Main tenant - Deutsche Bahn AG
Fonte: CS di IVG
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