Peakside Capital Advisors AG (“Peakside”) and Groß & Partner announce the sale of mairo, a mixed-use asset in Frankfurt to global real estate firm Invesco. The building will situated in a prime location in the city’s opera district when it is completed in the second quarter of 2016.
Invesco Real Estate operates offices in 20 locations worldwide, eight of which are in Europe (London, Munich, Milan, Madrid, Paris, Prague, Luxembourg and Warsaw). The firm has US $62.1 billion under management.
Located on the corner of Neue Mainzer Straße 74/80 and Neue Rothofstrasse, mairo is in the centre of Frankfurt’s banking district. It is close to the Alter Oper and the Goethestraße. Fabian Manegold, Senior Director Transactions of Invesco Real Estate, said, “ma|ro meets our standards and expectations with exceptional architecture and specifications combined with an excellent location in Frankfurt’s high street, providing further interesting development perspectives.“
Groß & Partner and Peakside Capital purchased the former BHF-Bank buildings in a joint venture. The two firms have worked on the development since the spring of 2013. Nikolaus Bieber, Managing Partner of Groß & Partner, stated, “As Frankfurt’s city centre experiences significant changes, and there is an increasing number of developments underway around the Opera district and Goethestraße, fuelled by strong demand for premium retail spaces, the area has undergone a significant uplift, with ma|ro in a prime position to capitalize upon this trend.”
The corner buildings on each side of Neue Rothofstraße form an impressive gateway to the quarter. Neue Rothhof Strasse is making changes to make it a pedestrian-friendly environment and shopping destination located next to the Goethestraße.
The buildings were designed by Eike Becker. The Berlin-based architect has created an avant-garde structure for the two buildings, each of which is made up of seven storeys with over hangings cubes with a metal and glass façade. Retail space incorporates shop windows and a five-metre ceiling height with plenty of floor space for luxury brands.
Invesco Real Estate was advised by Dr. Michael Eggersberger and the team of GSK Stockmann and colleagues, as well as Peer Neisser and the team of CBRE as exclusive buy-side advisors. Peakside Capital and Groß & Partner were advised by HauckSchcuhardt during the acquisition.
Boris Schran, Managing Partner of Peakside Capital AG, said, “We are pleased to have developed a high quality, premium asset such as ma|ro, which serves as both an attractive retail option and a unique and unrivalled office address for tenants. Having found a partner such as Invesco, who is equally convinced of the strong economic fundamentals this asset has to offer, we look forward to working together on this very unique product.“
