- Third consecutive off-market deal in 2019
- Largest single transaction to date for N A S Invest
- BNP Paribas to locate German headquarters at the site
- Around 60 percent pre-let on a long-term basis
N A S Invest has acquired the landmark project 99 West in Frankfurt from BNP Paribas Real Estate Property Development, its first office scheme in Germany.The anticipated total investment volume amounts to € 265 m.
The project in Robert-Mayer-Strasse is part of the Kulturkampus urban quarter development around the well-known Senckenberg area. Next to 99 West, the 140 West residential and hotel tower, the 21 West office building and Frankfurt’s largest kindergarten are under construction. After completion, up to 2,500 people will live and work in the modern urban quarter.
99 West offers around 27,000 square meters of rental space with modern, high-quality office space concepts. Together with the striking façade designed by renowned architect Cyrus Moser, the project is set to meet the great demand for high-quality office space in Frankfurt. The first lease has already been signed: BNP Paribas S.A. will move into the lower thirteen floors with its German headquarters. This means that around 60 percent of the tower has already been pre-let. A gastronomic offer is planned for the ground floor. Completion of the 106-meter tower with 27 floors and BREEAM certification is scheduled for the end of 2021.
N A S Invest was advised by the law firm Gleiss Lutz on legal, tax and financing issues during the transaction. ARCADIS was responsible for the technical advice. BNP Paribas Real Estate Property Development was advised by Taylor Wessing for legal matters, Clifford Chance on tax issues, and BNP Paribas Real Estate Germany’s capital market team on the transaction. The debt financing was arranged by Natixis Pfandbriefbank AG, which was in turn advised by Goodwin Procter LLP.
Feldhoff & Cie. GmbH
Tel.: +49 69 2648 677 18
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About the N A S Invest Group
As an investor and asset manager with long-term experience, N A S Invest structures and manages real estate investments for its own account as well as for co-investing institutional and private investors. To this end, the company, which maintains branch offices in Berlin, Frankfurt, Luxembourg and Zurich, concentrates on commercial and residential real estate in German metro regions and major cities with positive economic and demographic fundamentals.
About BNP Paribas Real Estate Property Development
BNP Paribas Real Estate Property Development is the leader in commercial property development by business volume in France and is also present in Germany, the UK, Italy, Spain and Portugal. Total projects in commercial real estate amounted to 207,000 sqm under construction in Europe on 1st January 2019. In addition, the residential development teams started mora than 3,000 housing units in 2018.
BNP Paribas Real Estate Property Development is a part of BNP Paribas Real Estate, one of the leading international real estate providers, offering to its clients a comprehensive range of services that span the entire real estate lifecycle: Property Development, Transaction, Consulting, Valuation, Property Management and Investment Management. With 5,400 employees and € 968 m of revenues in 2018, BNP Paribas Real Estate supports owners, leaseholders, investors and communities thanks to its local expertise across 32 countries (through its facilities and its Alliance network) in Europe, the Middle-East and Asia.
For further information: https://www.realestate.bnpparibas.com/our-solutions/developing
Press contact BNP Paribas Real Estate:
Tel : +33 (0)1 55 65 22 08
Mobile: +33 (0)6 37 78 12 17