MünchenerHyp Financing Square 41 in Frankfurt Banking District
Münchener Hypothekenbank eG announced today that it has provided € 20.7 million of financing for the purchase of Square 41, an office building in Frankfurt am Main.
The property was purchased by an open-ended property fund managed by Amundi Real Estate (RE), which was formed from the merger of the real-estate investment management operations of Crédit Agricole and Société Générale.
The office building is fully rented and was extensively modernised over the past two years. Square 41 offers more than 7,000 square meters of office space and is located in the centre of Frankfurt’s banking district directly adjacent to high-rise buildings housing major German banks.
This open-ended property fund was founded in 2011 and is mainly oriented towards retail investors. The value of the fund has developed very favourably since it was established and its investment focus is on properties in France, Germany and Great Britain. Square 41 is the second property MünchenerHyp has financed for the fund.
“We are pleased to partner this financing deal which allows us to strengthen our relationship with Amundi RE and once again enables them to acquire a very attractive property”, said Bernhard Heinlein, member of Münchener Hypothekenbank’s Board of Management.
About Amundi Real Estate:
Amundi Real Estate was formed from the merger of the real-estate investment management operations of Crédit Agricole and Société Générale. With € 7.7 billion (at 31.12.2013) under management, the entity develops, structures and manages real estate funds with operations in France, UK, Germany, Italy, and Luxembourg. More information is at www.amundi-immobilier.com.