German property company and fund manager, IVG Immobolien’s IVG Institutional Funds, has acquired a majority stake in Frankfurt’s ‘Eurotower’ for €480 million. IVG made the acquisition as part of a separate account for a German pension fund.
The firm bought the 40-storey tower building from New York-based real estate investment company RFR Holding, which will maintain a minority stake. RFR is currently extensively renovating the building which is expected to be completed by the end of 2015.
The tenant of the entire property with a lettable area of around 646,000 square feet is the European Central Bank, which intends to house its European banking regulatory arm in the building.
The deal comes shortly after the German firm completed a sale. Alternatives asset manager Ares Management’s real estate arm, Ares Real Estate Group, bought a €100 million European portfolio from IVG back in February.The Los Angeles-based firm acquired a 480,000 square foot office and retail portfolio consisting of eight properties located across five European countries: the UK, Germany, Sweden, Poland and the Netherlands.
IVG, which has assets under management of around €10.5 billion, focuses on individual or club mandates for institutional investors.
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