DEGI EUROPE RETAIL purchases building in Zeil, Frankfurt’s main retail street

DEGI has acquired the fully let commercial building, Zeil 127, in Frankfurt am Main for over 30 million euros. The property was sold by Nassauische Sparkasse (NASPA), which will remain in the building as a long-term tenant. DEGI was advised in this transaction by Kempers Jones Lang LaSalle Frankfurt.

Built in the 1950s and completely modernised in 2000, the building has a lettable area of around 5,100 m². It is located directly in the Zeil, Frankfurt’s main retail street, which is one of Germany’s best retail locations. A survey by the property service provider, Kemper’s, revealed that almost 14,000 passers-by visit the Zeil every hour on an ordinary Saturday. (13,950 passers-by, measured on Saturday, 12 May 2007, 1 to 2 p.m.).

The building will be included in the DEGI EUROPE RETAIL, a special property fund managed by the company for institutional investors.

“Frankfurt is not only Germany’s undisputed financial hub, but together with London and Paris, it is the most important European financial centre. This assures long-term prospects for the investment”,

comments Bärbel Schomberg, CEO of DEGI’s Management Board.

After Hanover and Milan the Frankfurt Fair is Europe’s third-largest, and the airport heads the rankings in Continental Europe in terms of freight and passenger figures. Schomberg adds,

“This enormous commercial strength is also reflected in Frankfurt’s shopping districts. For this reason we see a high potential for good future performance.”

source : Degi