PAREF Group announces the signature of an asset and development management contract for the 29,000 sqm. "Trade" office building located in Frankfurt-am-Main, Germany. Located at 5 minutes only from the main railway station and 15 minutes from the airport, the "Trade" building occupied a strategic location in the center of Frankfurt.
Initially built in 2002 for the Frankfurt Commerzbank, the "Trade" building was acquired by Fosun Group with the aim of restructuring it and adapting it to the best market standards, in line with PAREF ESG strategy to integrate sustainability during both design and construction phases. The building, which is scheduled for delivery in 2025, will be managed by the PAREF Group. It will develop over 29,000 sqm of office space designed to meet the highest expectations of future users.
PAREF Group continues to strengthen its expertise in restructuring and developing large and complex assets. This is the second major asset managed by PAREF teams, following "The Medelan" building located in the center of Milan, Italy. Thanks to the renewed support of Fosun Group, its majority shareholder, this new project will enable PAREF Group to accelerate the development of its third-party institutional asset management business.
“ FOSUN Group is pleased to support PAREF Group, a 360° real estate player, a key member of the Fosun ecosystem with proven expertise and the ability to deliver major projects. The Trade asset is an iconic building in Frankfurt and we are looking forward to leading its rebirth together. “
Elvis Liu Mingtao - Co-President at Fosun Hive
“ PAREF Group continues to secure new mandates to consolidate its strategy across Europe by creating long-term revenues for its shareholders. We are delighted to strengthen our asset management expertise, particularly for large-scale assets located in dynamic and central cities such as Frankfurt. “
Antoine Castro - CEO at PAREF Group
February 17th, 2022: Full Year results
About PAREF Group
PAREF is a European real estate group listed on Euronext, with €2.4 bn assets under management on behalf of third parties, through PAREF Gestion and PAREF Investment Management. PAREF is a company listed on Euronext Paris, Compartment C, under ISIN FR00110263202 - Ticker PAR.
More information on www.paref.com
Fosun was founded in 1992. Fosun's mission is to provide high-quality products and services for families around the world in health, happiness, wealth and intelligent manufacturing segments. Fosun International Limited is a global innovation-driven consumer group that has been listed on the main board of the Hong Kong Stock Exchange (stock code: 00656.HK) since 2007, with total assets of RMB778.9 billion (c. US$120.6 billion) as of 30 June 2021. Fosun International ranks No.459 on the 2021 Forbes Global 2000 List.
About Fosun Hive
Fosun Hive is the global fund management arm of Fosun group with platforms and offices in over 11 locations. The company is a leading fund manager with approx. USD 12.5 billion in AUM outside China in sectors such as office, hospitality, residential and logistics. Within China, Fosun Hive manage over CNY 3800 billion (approx. USD 58.7 billion) of AUM.
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