IVG Institutional Funds sells Silberturm to Samsung SRA Asset Management

(PresseBox) ( Frankfurt am Main, )
IVG Institutional Funds GmbH has sold the landmark property "Silberturm" in Frankfurt am Main to a consortium led by Samsung SRA Asset Management from Korea. Hines acted as investment manager for Samsung and will perform the long-term asset management for the property. IVG Institutional Funds GmbH was advised on the transaction by BNP Paribas Real Estate, Clifford Chance and Drees & Sommer. Samsung SRA Asset Management was advised by Ashurst LLP and Chandler KBS.

The 166 metre high property is in a central location on Jürgen-Ponto-Platz at the edge of Frankfurt's Bahnhofsviertel district. The former headquarters of Dresdner Bank is one of the best known office towers in the metropolis on the Main River. The tenant is Deutsche Bahn AG with its in-house IT service provider DB Systel GmbH. The property was awarded the DGNB's Silver certificate for its complete refurbishment and energy-saving renovation in 2012 and covers a total rental area of more than 50,000 m² spread over 32 floors and two basement levels. The transaction also covered the adjacent "Executive Headquarters" building with an area of 22,000 m², which is also fully let to Deutsche Bahn AG.

Around three years ago, this building was acquired from Commerzbank by a total of eight institutional investors led by IVG Institutional Funds GmbH. This latest sale successfully concludes this first club deal for institutional investors in Germany. IVG Institutional Funds GmbH was subsequently able to establish the acquisition structure on the market and, since Silberturm, has implemented an array of further transactions and given institutional investors access to high-volume individual transactions.

The parties have agreed not to disclose the purchase price.

Samsung SRA Asset Management:

Samsung SRA Asset Management is a wholly-owned subsidiary of Samsung Life Insurance Co. Ltd, which is the largest life insurance company in Korea with assets approximately over USD 200 billion. As of January 2015, Samsung SRA Asset management manages USD 3.5 billion asset globally.

Hines:

Hines is a privately owned real estate firm involved in real estate investment, development and management worldwide. The firm's historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,126 properties representing more than 459 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in 106 cities in 17 countries, and assets under management of approximately USD 44 billion, Hines is one of the largest real estate organizations in the world.
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