GSK Stockmann advised Kamco and Cells Property Investors GmbH on the deal.
Cells Property Investors GmbH announced the acquisition of the Lateral Towers in Frankfurt Bockenheim for the Kamco Investment Company KSC based in Kuwait.
The Lateral Towers at Neue Börsenstrasse 1 in Frankfurt’s Bockenheim district offer around 46,000 sqm of office space in a complex consisting of eight connected building wings. Developed in 2001 by OFB Development as the headquarters of Deutsche Börse, the property was renovated in 2015 and has a very good BREAAM certification. It is strategically located with good transport connections in the northwest of Frankfurt. The property has been let to Commerzbank since 2014, with a lease running until the beginning of 2030.
The Cells Group has been developing, completing and managing national and international residential and commercial properties for over 25 years. Cells Property Investors GmbH is responsible for asset and property management. Kamco is a subsidiary of the investment holding Kuwait Projects Company (Kipco). This transaction marks the company’s entry into the German market. The seller is the South Korean investment manager Simone on behalf of an international fund, together with Commerz Real. The parties agreed to keep the purchase price confidential.
The GSK Stockmann team included Bernhard Laas (Picture – lead, Real Estate), Philipp Mössner and Jennifer Bierly (Corporate), Alma Franke (Finance), Kerstin von Staa (Public Building & Planning Law), Mechtild-Maria Siebke (Finance); associates: Philipp Dawirs and Nicolas Neuwinger (Real Estate), Anna Lindner, Yannick Stahl, Andrea Carraretto (Corporate), Julius Groth (Finance).
Involved fees earner: Jennifer Bierly – Gsk Stockmann; Andrea Carraretto – Gsk Stockmann; Philipp Dawirs – Gsk Stockmann; Alma Franke – Gsk Stockmann; Julius Groth – Gsk Stockmann; Bernhard Laas – Gsk Stockmann; Anna Lindner – Gsk Stockmann; Philipp Mössner – Gsk Stockmann; Mechtild-Maria Siebke – Gsk Stockmann; Yannick Stahl – Gsk Stockmann; Kerstin von Staa – Gsk Stockmann;
Law Firms: Gsk Stockmann;