CS REF International invests in Frankfurt
Credit Suisse Real Estate Fund International (CS REF International) is acquiring an office building in Frankfurt am Main together with a German institutional investor.
According to Credit Suisse Asset Management, the property in question is the office building at Theodor-Stern-Kai 1, directly on the south side of the Main River opposite Westhafen. The property was built in 2002, has high-quality finishes and comprises more than 65,000 sqm of usable space as well as 577 parking spaces. It is fully leased on a long-term basis, with a large part of the space occupied by the German insurance company Allianz. The property is managed by Credit Suisse Asset Management Global Real Estate.
The seller is an unnamed large Anglo-Saxon investor who was advised on the transaction by BNP Paribas Real Estate and CBRE. The closing is scheduled for the beginning of August 2018.
Nothing was disclosed about the purchase price paid by CS REF International and the second investor. However, the fund had received new money of 395.7 million in the last capital increase, and that capital will now be partially invested in this property, Credit Suisse Asset Management said. "This large-volume investment is an important building block in the expansion of our global business," said Christoph Schumacher, global head of real estate at Credit Suisse Asset Management.
