MünchenerHyp finances purchase of Garden Tower in Frankfurt am Main
Münchener Hypothekenbank eG (MünchenerHyp) will provide a long-term loan in the several-hundred-million-euro range to GEG German Estate Group to finance the acquisition of the Garden Tower in Frankfurt am Main’s central business district.
The bank is acting as sole underwriter for the transaction.
One of Frankfurt’s most distinctive buildings, the 127-m Garden Tower has more than 27,000 m2 of office space under long-term leases to a total of 17 tenants.
“We are pleased to be involved in this first joint financing project with GEG, one of Germany’s leading investment and asset management platforms in the commercial property sector. The transaction is part of our strategy to support large-volume core investments as sole underwriter,” says Dr Louis Hagen, Chairman of the Board of Management of MünchenerHyp.
Christian Winges, Regional Director of Commercial Real Estate Finance in Frankfurt, adds: “Our ability to deliver in terms of processing speed, underwriting capacity and reliability throughout the entire processing phase was the decisive factor that enabled us to cement this new partnership.”
Ulrich Höller, Chairman of GEG’s Management Board: “Financing the Garden Tower through MünchenerHyp allows us to further diversify our funding base. MünchenerHyp won us over in this regard with its competitive offer and very professional processing.”