AXA IM sells "The Wave" in Frankfurt
AXA Investment Managers - Real Assets sells the office complex "Die Welle" in Frankfurt am Main for 620 million euros on behalf of a client. The new owner is the global real estate investment manager Invesco Real Estate.
The office building with a curved floor plan comprises a total of around 80,500 square meters of gross floor space near the Alte Oper in Frankfurt. The current tenants in Frankfurt's city center office building "Die Welle" include more than 50 companies from 15 different sectors. The complex offers "long-term value enhancement potential through active asset management initiatives," writes Invesco Real Estate, whose pan-European core strategy investment volume increases to more than five billion euros as a result.
AXA IM - Real Assets had acquired the property in 2013 together with the "Neues Kranzler Eck" in Berlin on behalf of the French insurer AXA and the Norwegian sovereign wealth fund. For "Die Welle", an extended redesign and a redesign of the public areas in the building as well as the outdoor areas were subsequently carried out, which were terminated in 2016.
Invesco was supported in the transaction by the law firm CMS (legal advice) and the firms CBRE / Valteq (commercial and technical advice, respectively) and Deloitte (tax advice). According to AXA IM, the transaction closing is expected to take place in the fourth quarter of 2019. (mr)
