ILMARINEN INVESTS IN OFFICE PROPERTY IN FRANKFURT
Ilmarinen has invested in an office property located in Frankfurt. The investment will be carried out as a joint investment with an open-end real estate fund managed by Amundi Real Estate. Ilmarinen holds roughly a 50 per cent stake in the property.
The office property at Theodor Heuss Allee 50 is located on the west side of Frankfurt city centre and offers excellent access to public transit. The Frankfurt Fair Centre is located in the immediate vicinity of the property.
Photo: Barbara Staubach
The building, completed in 2004, is leased in its entirety to Commerzbank. The property comprises 9 above-ground and three underground floors and has a total lettable area of close to 32,000 m2.
“Commerzbank is the second largest bank in Germany. A long-term rental agreement with a player of this standing guarantees stable and predictable rental income far into the future. In addition, the building is modern and in excellent technical condition,” says Portfolio Manager Mikko Antila.
Ilmarinen diversifies its real estate portfolio
Theodor Heuss Allee 50 is Ilmarinen’s second real estate investment in Germany. Ilmarinen made its first German investment, Königstadt Carree, an office and hotel property located in Berlin, in late 2015.
Ilmarinen’s strategy is to diversify its real estate portfolio beyond Finland’s borders.
“Frankfurt is the largest financial centre in continental Europe with both the European Central Bank and the Deutsche Bundesbank headquartered there. The city provides Ilmarinen with excellent support in internationalising its real estate investments,” says Antila.
The purchasers’ advisor in the investment was L’Etoile Properties, which will also be responsible for managing the property.
Mikko Antila, Portfolio Manager, tel. +358 50 5779066