CBRE Advises Joint Venture On Acquisition Of 266,000 sq m PalaisQuartier, Frankfurt
A joint venture formed by Deutsche Asset & Wealth Management and ECE has acquired the PalaisQuartier scheme in Frankfurt am Main.
Situated on Zeil and Eschenheimer Strasse, the high-street property consists of four buildings: the MyZeil shopping centre, the Nextower office high-rise, and the Jumeirah Frankfurt hotel high-rise, and the reconstructed historic building Palais Thurn und Taxis.
The deal includes the underground car park of 1400 parking spaces, located beneath the property. All in, the PalaisQuartier has a total gross floor area of 226,000 square metres.
The seller is KP Investments, a member company of Rabo Real Estate Group, which in turn is a subsidiary of Rabobank Group. Global real estate advisor CBRE advised the joint venture during the acquisition.