A consortium has completed the acquisition of the Silver Tower, a residential building in Frankfurt’s banking district, PropertyEU reports. The property has been acquired from Commerzbank, a bank for German private and corporate customers, by paying more than €400 million. The consortium is led by European real estate company IVG Immobilien.
As part of the agreement, IVG is buying a 10 percent stake in the deal. The group obtained financing from a major German pension scheme for a 10-year period. The property is fully let to railway group Deutsche Bahn. On the transaction, the seller was advised by BNP Paribas Real Estate.
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