The deal to purchase the OpernTurm office skyscraper in Frankfurt for €850 million has not gone through, as the buyer was unable to secure the necessary funds, the Financial Times reports, citing informed sources.
According to them, negotiations for the purchase of the building, currently owned by JPMorgan Asset Management and the Singapore sovereign fund GIC, were conducted by entrepreneur and developer Erich Schweiger.
The deal could have become the largest in Europe since 2022, when a skyscraper in London's City, which houses the British headquarters of Deutsche Bank, was sold for €935 million.
The 43-story OpernTurm skyscraper, standing 170 meters tall, is located in Frankfurt's business district. It houses offices of major financial companies, including Swiss bank UBS.
According to MSCI, investment in commercial real estate in Europe decreased by 10% in the first quarter compared to the same period last year. The main negative factor for the market has been uncertainty, primarily related to the conflict in Iran.
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