Generali Real Estate has signed the agreement to acquire from OFB Projektentwicklung (OFB) the 1 0 t r a l (in German: ‘zehntral’) building in Frankfurt’s city centre as part of a forward deal. The building will be acquired on behalf of the pan-European fund Generali Europe Income Holding (GEIH), managed by Generali Real Estate S.p.A Società di gestione del risparmio.
1 0 t r a l is an office and commercial building located in Bleidenstraße 6, comprising around 4,800 sqm of rental space. A high-quality asset in an excellent location, the building is currently undergoing a complete refurbishment expected to be completed at the end of 2022. It will enjoy the highest sustainability standards, aiming to the achievement of the LEED Gold certification thanks to features such as a new high-quality and energy-efficient façade.
The 1 0 t r a l building is located in the heart of Frankfurt’s city centre and takes advantage of excellent transport connections and close proximity to central points of interest such as the Kleinmarkthalle, the inner-city transport hub Hauptwache, Frankfurt’s old town and the main shopping street Zeil. The building is hosting the offices of the software service provider for digital financing Portagon, and the Papier Kraemer shop.
Lukas Jeckel, Head of Region Central Northern Europe at Generali Real Estate, comments: “1 0 t r a l is an impressive project for its state-of-the-art quality and top-level sustainability features, thus meeting the high demands of our company and representing an ideal addition to our existing real estate portfolio.”
For Generali Real Estate, the acquisition of 1 0 t r a l is fully in line with the strategy of investing in prime office and high street retail assets in the most important and resilient European cities such as Frankfurt, and confirms the relevance of the German market in the company’s investment strategy. In Germany, Generali Real Estate currently manages a portfolio of 230 properties, worth about € 4.5 bn.
