Swiss Life AM: Europe fund invests in Frankfurt
Swiss Life Asset Managers has contractually secured the Ave 5 office property in Frankfurt-Riedberg as part of an asset deal. The property is to be contributed to the open-ended mutual property fund Swiss Life REF (DE) European Real Estate Living and Working.
Ave 5 is located at Altenhöferallee 5, in the center of the "Science-City Frankfurt-Riedberg" and surrounded by the largest campus of Frankfurt's Goethe University and various research institutes. The university intends to further develop the site, including the construction of a new faculty building for the Department of Mathematics and IT.
The property is a five-story, fully leased multi-tenant building with 8,330 sqm of rental space. The focus is on tenants from the life science sector, Swiss Life Asset Managers says. The anchor tenant, accounting for about 53% of the rental income, is the Frankfurt Biotechnology Innovation Center, which is backed by the city and the Frankfurt Chamber of Industry and Commerce, as well as the state of Hesse. Merz Pharma, Cornelius Apothekenbetrieb, Schülke + Mayr and the Fit7Eleven fitness studio are also tenants of the building, which was constructed in 2013. It is in good and well-maintained condition and offers high-quality building standards as well as LEED Gold certification, which will have a positive impact on the ESG position of the Swiss Life REF (DE) European Real Estate Living and Working fund, Swiss Life Asset Managers added. The seller of the property is German project developer Groß & Partner. (ah)
