Pan-European investor Patron Capital and its joint venture partner Sonar Real Estate have acquired a vacant office building in Germany from Commerz Real’s CFB 134 fund for an undisclosed sum.
The 457,000sqft Prisma building at Hahnstrasse 55 in Frankfurt was built in 2001.
Sonar will be responsible for the asset management and proposed repositioning of the building.
Christoph Ignaczak, a senior partner at Patron Capital, said: “This project represents an exciting opportunity to create a state-of-the-art, attractive office property as well as a vibrant destination within a part of Frankfurt that has seen significant development and diversification in recent years.
“We are pleased to be working with Sonar to implement an ESG-focused management strategy from day one, and are confident that our concept will be well received by future tenants.”
Holger Hosang, a managing partner of Sonar Real Estate, said: “Observing and implementing ESG criteria in development and refurbishment projects has become part of our corporate philosophy. Through our in-house expertise, we focus not only on environmental aspects but also on the social impact of our projects.
”Given its striking architecture and significant size, Prisma is a particularly exciting project in an excellent micro-location within the Lyoner Quartier. Our aim will be to preserve the property’s landmark status for future tenants while developing it into a modern and ESG-compliant building.”
Commerz Real said that with the sale of the Prisma building, the closed-end CFB 134 fund is now being dissolved.
Source: realassets.ipe.com on the 4th of April 2022