The investment is the third consecutive off-market deal in 2019 and NAS Invest’s largest single transaction to date. Around 60% of the building has already been pre-let on a long-term basis as BNP Paribas' new German headquarters.
NAS Invest has acquired the landmark 99 West project in Frankfurt am Main from BNP Paribas Real Estate Property Development. This is the first development project by BNP Paribas Real Estate Property Development in Germany. The total investment volume for the office tower is expected to be around EUR 265 million.
The project development in Robert-Mayer-Strasse is part of the Kulturkampus neighbourhood development around the city’s famous Senckenberg campus. 99 West is being built alongside the 140 West residential tower, 21 West office building and Frankfurt's largest children’s nursery. After completion, up to 2,500 people are expected to live and work in this modern urban neighbourhood.
99 West comprises around 27,000 sq m of rental space with modern and high-quality office layout concepts. Together with the striking façade designed by the renowned firm of architects, cyrus moser | architekten, the project recognises the substantial demand for high-quality office space in Frankfurt. The first lease has already been concluded: BNP Paribas S.A. will move its German headquarters into the first thirteen floors, which means that around 60% of the tower has already been pre-let. Restaurant use is planned for the ground floor. At a height of 106 metres and with 27 floors and a BREEAM certification, the development is scheduled for completion by the end of 2021.
NAS Invest received its legal, tax and financing advice in the transaction from the business law firm, Gleiss Lutz. ARCADIS was responsible for providing technical advice. Taylor Wessing advised BNP Paribas Real Estate Property Development on legal matters and Clifford Chance on tax matters. The Capital Market Team at BNP Paribas Real Estate advised on the transaction. Debt financing was arranged by Natixis Pfandbriefbank AG. Natixis Pfandbriefbank AG was advised by Goodwin Procter LLP.
About NAS Invest Group:
As an investor and asset manager with many years of experience, NAS Invest structures and manages real estate investments for itself and co-investing institutional and private investors. With offices in Berlin, Frankfurt, Luxembourg and Zurich, the company focuses on commercial and residential real estate in Germany's metropolitan areas and cities with positive underlying economic and demographic data.
Further information can be found at https://www.nas-invest.com
Daniel Gabel Feldhoff & Cie. GmbH
fon: +49 69 2648 677 18
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email: dg[at]feldhoff-cie.de