DLA Piper has advised the commercial REIT alstria office on the sale of an office and business property to Cresco Capital Group, with the purchase price amounting to €44 million. The building, which is located at Eschenheimer Landstrasse 55 in Frankfurt, is let for a remaining period of two years and generates annual revenues of approximately €1.6 million. Alstria expects the transaction to reach its conclusion in the first quarter of 2018.

Alstria office REIT-AG is a leading German real estate operator focussing on German office property in selected markets. The Hamburg-based company's portfolio comprises 119 buildings with a lettable area of 1.6 million square metres, and a total value of €3.2 billion. Founded in January 2006, alstria was converted into the first German REIT in October 2007. The company is listed in the Prime Standard of the Frankfurt Stock Exchange and is a member of the MDAX.

The Cresco Capital Group is an integrated Real Estate investment and development business with offices in Germany, England, Luxembourg and the Isle of Man. Since its foundation in 2006, the Cresco Capital Group has acquired and developed property with a combined value in excess of €1 billion.

The DLA Piper team in Frankfurt was led by Real Estate partner Fabian Muehlen and counsel Christian Lonquich, assisted by Tax counsel Dr Raimund Behnes and Cologne-based Real Estate associate Dr Heiner Feldhaus.