Commerz Real sells TaunusTurm to consortium led by Tishman Speyer
A consortium to buy the TaunusTurm skyscraper in the Frankfurt banking district has been joined by Qatar Investment Authority (QIA), Varma Mutual Pension Insurance Company and Elo Mutual Pension Insurance Company. The consortium is led by the private real estate company Tishman Speyer, which co-owns the 65,400sqm asset alongside Commerz Real, the fund management arm of Commerzbank.
Tishman Speyer’s plan is to continue owning a stake, while bringing in new capital in the form of sovereign wealth fund QIA and Finnish institutional investors Varma and Elo. Tishman Speyer developed the 40-story office tower between 2011 and 2013.
Both Varma and Elo reported in 2015 that they would look out for future real estate investments in Europe. Prior to the TaunusTurm transaction, Varma acquired a Swedish shopping centre, in joint venture with Capman and Cavendo.
Early in 2016, reports showed that TaunusTurm’s value is between €500m and €600m. However, no financial details of the transaction have been disclosed yet.