GEG acquires Frankfurt’s Palazzo Fiorentino for €50mn
The GEG German Estate Group has acquired the Frankfurt property Palazzo Fiorentino, with almost 11,000 sqm of lettable office space and 102 below-ground parking spaces. The seller is BMO Real Estate Partners, in Munich. The total investment volume, resulting from a competitive bidding process, is around €50mn. GEG has acquired the property for its manage-to-core fund “GEG Deutschland Value I”. The property’s offices are wholly leased to Bankhaus Metzler, which, however, has plans to relocate. CBRE brokered the transaction. The buyer was advised by Bögner Hensel & Partner (legal and tax) and CBRE (technical), the seller by JebensMensching (legal and tax).
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