Aberdeen Immobilien has sold the Westendgate building in Frankfurt to local property company RFR Holding and its co-investor, the London-based property adviser and fund manager Stenham Property.
The price has not been revealed but the property was valued at €144.1m last September.
Westendgate was part of Aberdeen’s open-ended real estate fund Degi Europa. Following the sale, the liquidity ratio of the fund will increase from 6% to 16%.
The Westendgate skyscraper is 160m high and houses a 55,000 m2, 600-room Marriott Hotel, the largest Marriott in Germany. It also has 27,000 m2 of office space.
The Degi Europa fund acquired the building in 1988. In the past two years the building has been refurbished and re-positioned on the market.
Aberdeen Immobilien was advised by Jones Lang LaSalle and Clifford Chance.
