VR Bank Main-Kinzig-Büdingen eG and IMAXX sell CentralTower”in Eschborn

by   CIJ News iDesk III
2021-01-14   08:49
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VR Bank MKB and IMAXX have sold their 100% subsidiary Central Tower Eschborn Verwaltung GmbH, the owner of the “CentralTower” in Eschborn near Frankfurt a. M., to Frankfurt-based PRIMUS Vermögensverwaltung (PRIMUS) and the Tantum Immobilien Trust. The purchasers each acquired a 50% interest of the business in a share-based transaction. The parties have agreed not to disclose the purchase price.

Central Tower (formerly ‘Opel Haus’), at Frankfurter Strasse 92, Eschborn, is an office building with an integrated supermarket, immediately next to the Frankfurt city boundary. The property, on a site of approximately 2,400 sqm, provides a total lettable area of around 4,330 sqm. The major tenant is a newly-opened REWE-Markt, which occupies a total of 1,300 square metres on the ground and first floors. The ten office floors above the supermarket each provide around 300 square metres of lettable area. The property includes 131 parking spaces, 96 of which are in the building’s underground car park.

After purchasing the asset in 2017, VR Bank MKB and IMAXX carried out comprehensive repositioning. “Even on our initial inspection in 2017, despite the almost completely terminated leases and the investment backlog, we had already formed a clear idea of the upgrading of the property, which is in one of the most sought-after locations in Eschborn”, explains Florian Arndt, the former managing director of Central Tower Eschborn Verwaltung GmbH.

Lars Schurich, a member of the management board of VR Bank Main-Kinzig-Büdingen eG, adds: " As a high-performance cooperative bank, we are particularly pleased that, for the repositioning, we were able to involve businesses from our wide-ranging network in the Rhine-Main region. Those involved include not only many of the construction companies who carried out the work but also some of the new tenants, such as our long-term business partner and REWE executive Rainer Lapp.“

Lars Borghaus, owner of PRIMUS and new director of Central Tower Eschborn Verwaltung GmbH, is convinced of the property’s potential. “Despite the current Corona-influenced scepticism towards office property, we are positive about this investment. ‘Central Tower’, in its situation in the heart of Eschborn, provides the opportunity to rent a complete floor, of only around 300 square metres, in a high-rise building that includes a view of the Frankfurt skyline. These special features are otherwise not available in this location,” he said.

Currently, three floors are available for potential tenants. The purchasers were advised by lawyers Böttcher & Fischer. KUCERA Rechtsanwälte acted for the vendor.

VR Bank Main-Kinzig-Büdingen eG, which has assets of around EUR 3.0 bn, is one of Germany’s largest cooperative banks. In addition to the traditional financing and marketing of private and commercial real estate, the bank invests not only in its own real estate portfolio but also in development and repositioning, primarily in the Rhine-Main region.

Photo: CTE_GmbH