Ashurst has advised the investment manager GEG German Estate on the acquisition of the 'Garden Tower' located in the Frankfurt banking district by way of share deal. According to media reports the purchase price was approximately €275m. The seller was Tristan funds Curzon Capital Partners, who had acquired the building for €175m three years ago.
The property located on Mainzer Landstrasse comprises 27,500 square meters and is let to 95 per cent. Anchor tenants are French bank Société Générale, insurer AIG Europe and co-working provider Tribes.
The interdisciplinary Ashurst team in Frankfurt comprised partners Dr Liane Muschter (Real Estate), Jan Krekeler (Corporate/M&A, both in the lead), Detmar Loff (Finance Regulatory), Dr Martin Bünning (Tax), senior associate Susanne Knoch (Tax), associates Sven Nickel and Florian Wörner (both Real Estate), Anna-Maria Krekeler (Corporate/M&A), Thamar Wallus, Christoph Klessing (both Financial Regulatory), as well as paralegals Kathrin Meier (Corporate/M&A), Anja Stötzel and Daniel Weimann (both Real Estate).
This was Ashurst's second instruction by GEG. The Frankfurt Real Estate Team lead by Liane Muschter already advised GEG in relation to the acquisition of an administrative property in Neuss in summer 2018.
