Frankfurt: UBS buys Turmcenter for €155mn
UBS Asset Management has acquired the Turmcenter in Frankfurt for €155mn. The property was purchased from seller Benson Elliot for an individually structured UBS mandate. The price corresponds to a purchase yield of about 3.9 %. The 21-story office building on Eschersheimer Landstraße was built in 1970 and has roughly 17,300 sqm. It is about 85 % leased to various tenants with an average remaining lease term of around 9.3 years. UBS was advised on the transaction by Hogan Lovells. Benson Elliot was supported on the share deal by CBRE and Freshfields Bruckhaus Deringer. The Turmcenter was comprehensively refurbished in 2016.
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