Patron Capital and Sonar Real Estate acquire Frankfurt Prisma
On April 4, 2022, a fund advised by Patron Capital Advisers and Sonar Real Estate acquired the "Prisma" at Hahnstraße 55 in Frankfurt. The seller is the closed-end fund CFB 134 of Commerz Real. It was agreed not to disclose the purchase price.
The aim of Patron Capital and Sonar Real Estate is to reposition the landmark office building, which was built in 2001 and has been vacant since the beginning of 2022 when the only tenant moved out. To this end, the building, which has 42,450 square meters of rental space, will be modernized in accordance with sustainability aspects once the conception and planning phase has been completed. As part of this, the building technology – especially the air conditioning technology – will be brought up to date in order to be able to provide future tenants with ultra-modern and sustainably designed office space.
The areas on the ground floor, including the open lobby, are to be opened to the public. This is intended to support the change from the former office location “Niederrad” to the “Lyoner Quartier” with gastronomy and fitness facilities.
Holger Hosang, Managing Partner of Sonar Real Estate, comments: “The observation and implementation of ESG criteria in revitalization and project developments is now part of our corporate philosophy. We not only pay attention to ecological aspects, but also increasingly to the social impact of our projects and have the corresponding expert know-how in-house. Due to its architecture and size, the ‘Prisma’ is a particularly exciting project at an excellent micro-location within the Lyon district. We want to retain the landmark character of the property for future tenants and at the same time develop it into a modern and ESG-compliant building.”
Christoph Ignaczak, Senior Partner at Patron Capital, adds: “With Sonar, we have a partner at our side with whom we can fully implement our Manage-to-ESG strategy from day one. The goal is to provide an ultra-modern and attractive office property that is also a lively place – and this at a location that has happily developed and diversified in recent years. We are firmly convinced that future tenants will appreciate our concept.”
Ashurst LLP advised the buyer and Taylor Wessing the seller on legal issues. For Patron Capital and Sonar Real Estate, Noerr was also responsible for the tax and Witte Projektmanagement for the technical side. Colliers acted as exclusive transaction advisor for the seller.
Funding is provided by HSBC. Patron was advised by Laurus Property Partners on the creation of the financing concept. BNP Paribas Real Estate had previously prepared a valuation report required for this.