Starwood Capital Group buys office building in Frankfurt, Germany

LONDON – 16 August 2018 – An affiliate of Starwood Capital Group, a leading global private investment firm, today announced that it has acquired FIFTY AVON, an office property in Frankfurt am Main, in a joint venture with local operating partner CELLS Property Investors from four Guernsey-based funds. Terms of the transaction were not disclosed. 

FIFTY AVON, located at Mainzer Landstraße 50, has a total leasable area of 20,842 sqm and is let to a range of high-quality occupiers including INEOS Styrolution, Fitseveneleven, Robert Half, VisualVest and ecos office center. The transaction is Starwood’s third investment in Europe on behalf of its vehicle focused on value-add opportunities, following the acquisition of the Diamant² office portfolio in Hamburg, Germany, in December 2017 and St Vincent Plaza in Glasgow, Scotland, in October 2017.

“We are pleased to invest in an excellent quality office building in an ideal location in central Frankfurt,” said Stephan Schlomberg, Associate at Starwood Capital Group. “We remain bullish on the Frankfurt market as a key beneficiary of Brexit and we believe that the asset will benefit from the continuing westward expansion of the CBD. The combination of the generous 2,600-sqm floor plates, the excellent space efficiency, and the strategic position in Frankfurt’s center makes this investment unique.”

Cushman & Wakefield, GSK Stockmann, PwC, and Arcadis acted as advisers to Starwood Capital Group and CELLS Property Investors. Bank financing was provided by Deutsche Pfandbriefbank AG.

Savills and Oceans & Company acted as exclusive advisors to the vendors.

About Starwood Capital Group

Starwood Capital Group is a private alternative investment firm with a core focus on global real estate, energy infrastructure and oil & gas. The Firm and its affiliates maintain 11 offices in five countries around the world, and currently have approximately 3,800 employees. Starwood Capital Group has raised $45 billion of equity capital since its inception in 1991, and currently manages approximately $56 billion in assets. The Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Over the past 26 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets. Additional information can be found at starwoodcapital.com.

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