Allianz Real Estate has announced the acquisition of a skyscraper in Frankfurt worth over €1.4bn, adding to the firm’s real estate portfolio. Allianz is making this investment as a part of a joint venture which involves Germany’s leading pension fund Bayerische Versorgungskammer (BVK).
Allianz Real Estate is providing forward funding to Tower 1 (FOUR T1) of the new FOUR development, acting on behalf of the joint venture between a host of Allianz group firms and BVK, whose investment is being facilitated via Universal-Investment.
Gross & Partner is the developer of FOUR T1, a 233-meter building which will offer 54 floors and 82,500sqm of which 74,800sqm will serve as offices. Of the available offices, over two-thirds are already pre-let.
The building is one of four towers and is scheduled to be completed by 2024. This project also marks the second joint venture between the two parties after the acquisition of EDGE East Side Tower in Berlin in 2019 – also a forward funding deal.
Commenting on the acquisition, Annette Kröger, the CEO for north and central Europe at Allianz Real Estate, said it ”demonstrates our ability to source the best assets for our investors and emphasizes our continued conviction” towards prime, future-oriented offices.
“FOUR T1’s combination of intelligent technologies and focus on sustainability will offer its users unmatched comfort and well-being while also contributing to our target to reduce carbon emissions across our real estate portfolio by 25% by 2025 and be carbon net-zero by 2050,” he added.
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