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Report: Deka Immobilien buying Frankfurt office tower for €800M

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Report: Deka Immobilien buying Frankfurt office tower for €800M

Deka Immobilien has been selected as the buyer of Tower 185 in Frankfurt for a price of roughly €800 million, which would make the sale one of the largest single-asset deals ever in Germany, PropertyEU reported, citing EuroProperty.

CA Immobilien Anlagen AG owns a 33% stake in the office property, which is the fourth tallest in Germany, with the remaining stakes owned by a pair of German pension funds.

The 50-story, 100,400-square-meter tower was placed on the market in May and was expected to sell for more than €800 million in "an ideal market environment" in the wake of Frankfurt's rising prospects. The Oct. 16 report noted, citing EuroProperty, that investors have put €3.5 billion worth of offices up for sale in the city's central business district to capitalize on demand.

PwC occupies 71,000 square meters in the building, according to the report.

German fund manager Deka Immobilien recently bought a hotel in Amsterdam for €260 million.