L’Etoile closed Grand Central deal in Frankfurt on behalf of funds managed by Amundi

Amundi closed Grand Central-Deal in Frankfurt Amundi Real Estate, on behalf of the funds it manages, has completed the acquisition of „Grand Central“, a new office-building complex in Frankfurt, from Phoenix Real Estate and Groß & Partner. This complex, completed in November 2020, is fully leased to Deutsche Bahn AG and occupied by DB Netz AG, railway infrastructure manager and operator of German rail networks, under a long-term lease. In 2017 the asset manager signed a forward purchase for the landmark [Biggest transaction in Frankfurt – Amundi buys Grand Central]: undefined. Located in Adam-Riese-Straße in the „Europaviertel“ business district near the central station and a 15-minute drive from the airport, „Grand Central“ benefits from a visible and accessible location. With a total lettable area of over 44,000 m², the building complex comprises two modern independent and interconnected buildings looking to achieve a LEED Gold certification. The property offers 795 underground parking spaces and will have immediate access to the future U5 metro line in Güterplatz station from 2024- 2025. Marc Bertrand, Chief Executive Officer of Amundi Real Estate, said: „German real estate is a resilient market that we are familiar with thanks to several existing assets in main cities. “Grand Central” is a beautiful building located in a developing business district supported by an extension project of transportation infrastructure, close to the city centre and with a renowned tenant.”
A long-term non-recourse financing has been secured with Natixis, which acted as arranger of a green mortgage loan in line with ESG guidelines promoted by Amundi Real Estate. For this transaction, Amundi Real Estate was advised by L’Etoile Properties on commercial matters, Clifford Chance for legal aspects, Drees & Sommer and Franke & Thomsen on technical matters.

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