Secondaries specialist Madison International Realty has bought a 57% stake in Frankfurt office tower Trianon from Morgan Stanley’s German open-ended P2 value fund, which is liquidating. P2 paid 620m euros for the stake at the top of the market. The remainder is owned by Morgan Stanley’s Eurozone Office fund.
The US private equity fund did not reveal what it paid for the stake in the 740,000 sq ft tower, which is DekaBank’s HQ, but it is thought to reflect around a 25% equity discount. Cologne-based Art-Invest Real Estate took part in the deal with Madison.
Madison president Ron Dickerman said the firm had “never been busier” and it was looking at several London deals. The firm’s Madison Fund IV is over 75% invested and a follow-on fund launch is expected soon.