Peakside’s PREF 1 acquires Frankfurt bank buildings

Peakside Capital has almost fully invested its €261m PREF I opportunity fund through the purchase of two office buildings in Frankfurt.

A follow-on opportunity fund is in the pipeline. The buildings were bought from BHF Bank, a subsidiary of Deutsche Bank, which recently vacated the properties as part of  moves to wind down its real estate portfolio.

Peakside acquired the assets in a joint venture with German developer Gross & Partner. Together they will develop a 129,168 sq ft office and retail scheme worth €100m on the site.