Hana Financial Acquires Frankfurt Office Property
- Jan 07, 2019
Hana Financial Investment has acquired Helix, an office building in Frankfurt-Eschborn, from a subsidiary of Commerzbank AG. Hines advised the buyer in the sale and lease-back transaction. In addition, the firm acted as investment manager in the deal and, together with United Partners, will provide asset management for the building.
Located in Helfmann Park, Helix offers nearly 390,000 square feet of rentable office space, currently occupied by Commerzbank. Completed in 2004 and designed by Schneider + Schumacher, the property—also known as Vitreum—features an arrow-shaped glass exterior, superposed floors and large roof terraces.
“The Helix offers the best prerequisites for a sustainable real estate investment and thus corresponds to our investment philosophy overseas. We look forward to further managing the building and develop our relationship with Hines,” said Desmond Jeong, head of global investment finance department at Hana Financial Investment, in a prepared statement.
Goodwin Proctor, PWC, Arendt and REC Partners advised Hana Financial in the deal, while Clifford Chance and Drees & Sommer advised the seller, along with CBRE. Münchner Hypothekenbank provided long-term financing for the purchase.
Hines continues to be active in the German market. Back in July, the firm—in partnership with Ärzteversorgung Westfalen-Lippe—acquired Olympus Campus, a 500,000-square-foot office building being constructed in Hamburg from Campus Properties 1.
Image courtesy of Hines