Invesco confirms purchase of “Welle” for €620mn
Invesco Real Estate has announced the purchase of the “Welle” complex in Frankfurt. As TD recently reported, the purchase price for the 80,500 sqm office complex is €620mn. The sellers are AXA Investment Managers Real Assets and Norway’s sovereign wealth fund, which acquired the property together with the “Kranzler Eck” in Berlin for €784mn in 2013 – €410 of which had reportedly gone to acquiring the Welle. Invesco sees the building as having significant potential for value appreciation, particularly in connection with flexible office space. The 22,600 sqm property’s central location in downtown Frankfurt and the expected increase in jobs are mentioned as further advantages. The buyer was advised by CBRE (commercial), Valteq (technical), CMS (legal) and Deloitte (tax).
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