Frankfurt: South Korean firm sells “T8” for €400mn

21/06/2019

Mirae Asset Management has sold Frankfurt’s “Taunusanlage 8” office building, only two years after buying it, for €120mn above purchase value in an off-market deal signed earlier this week. The South Korean investor had acquired the approx. 29,160 sqm of office space near the Alte Oper shortly after its completion for €280mn from Credit Suisse’s CS Euroreal fund. Two thirds of the offices were still empty at the time. The “T8” is now fully let to tenants such as Linklaters and WeWork. Mirae has disclosed that the resale price was €400mn. Rumor has it that the buyer is Wirtgen Invest. The family office of Stefan and Jürgen Wirtgen declined to comment. The brothers sold the family-owned Wirtgen Group, in the construction machinery sector, to the US corporation Deere & Company (John Deere) for €4.4bn in 2017.


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