Global real estate investment and asset manager neo capital, which has offices in Dubai and London, has announced the sale of the SAP building at Eschborn in Frankfurt city to a German real estate fund for €68 million ($77 million).
With just under $1 billion of assets under management, neo capital has achieved superior returns for its investors in the Frankfurt transaction, following a 22-month holding period.
The global real estate investment manager acquired the prime office high-rise in Eschborn, whilst under development in August 2018.
With a net lettable area of 8,905 sq m, the 11-storeyed, 43-m high-rise tower is leased to SAP, the well-known market leader in enterprise application software.
The sale of the SAP building in Frankfurt builds on the company’s strong track record of real estate investments in the city, following neo capital’s successful exit of another asset in Frankfurt in October 2019, again achieving strong investment success for its clients.
Commenting on the sale, a company spokesperson said: "neo capital is a growing and dynamic business and we are continually on the lookout for the best real estate investment opportunities to achieve investment success for our clients, and we are thrilled to have achieved a high return on this asset."
"We have achieved strong success in the German market due to the robust economy there, and will continue to build our portfolio of assets under management and deliver high-yielding returns for our investors through pursuing other opportunities in our target markets of the UK, Western Europe and US," he added.-TradeArabia News Service