DIC Asset Management Sells Five-Star Villa Kennedy Hotel in Frankfurt to Conren Land for Around €95m

Main Photo: The Courtyard at the Villa Kennedy

Date: March 2021

Location: Kennedyallee, Frankfurt, Germany

Name: Villa Kennedy

No. Keys: TBA

Seller: The hotel was acquired in 2015 for €80.9m by DIC Asset Management subsidiary GEG German Estate Group GmbH. Originally acquired by Fay Gmbh as a 12,000 sqm residence in 2000, for DM18m (approx €9.2m), converted to a hotel over six years, when it was acquired by Commerz Real for €70m in 2006 and Rocco Forte entered into a lease contract to manage.

Buyer: DIC Asset AG, one of Germany’s leading listed property companies, just sold the Villa Kennedy luxury hotel on Kennedyallee in Frankfurt to Conren Land, a real estate investor, mainly into office properties. Conren is headed up by three managing partners, Wolfgang Schreier, Roman Klasen and Matthias Schreier, and was established in 2007.

The selling price for the high-end landmark property is in the upper double-digit millions.
DIC Asset AG succeeded in completing the disposal as planned, and thus accomplished a profitable exit for it’s institutional client after a holding period of around six years. The hotel share of the Institutional Business, which had already been on a very low level, was further significantly reduced by the successful disposal. In the context of its growth strategy, DIC Asset AG will sharpen its focus on the sought-after asset classes office and logistics.

“Within a dynamic market environment, we have properties in all stages of their investment cycle in our care. Our 360° approach includes the realisation of attractive profits from disposals within the framework of our institutional client mandates,” commented Sonja Wärntges, CEO of DIC Asset AG.

Originally built in 1901 and massively expanded in 2006, Villa Kennedy has a gross lettable area of nearly 20,000 sqm plus 126 underground parking spots. The premises also include 610 sqm of office space and 110 sqm of storage areas. The section of the building cluster that houses the hotel reception, among other rooms, is Villa Speyer, a listed mansion named after banker Eduard Beit von Speyer for whom it was built.

DIC (Deutsche Immoblien Chancen) Asset AG is Germany’s leading listed specialist for commercial real estate with more than 20 years experience. They manage 225 assets with a combined market value of c. €10.3 billion, and has been SDAX-listed since June 2006.

THPT Comment: Interesting prices that the property changed hands at, especially most recently.

First Seen: Market Screener

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