Austrian developer CA Immobilien Anlagen would be selling most of Tower 185 in Frankfurt to German pension funds. Proceeds from the sale would be used by CA Immobilien to pay off its debt. It would also be used to pay dividends to its stockholders.

In a statement, CA Immobilien said the two German pension funds would each be purchasing one-third of the property with an estimated value of EUR 500 million or USD 680 million. CA Immobilien, through its German subsidiary, would retain the remaining one-third.

Tower 185 is 200 meters in height. It was finished in January last year. The tower also has a space of 100,000 square meters. It is the fourth tallest office building in Germany.The sale of Tower 185 came after CA Immobilien also divested 36 of its German office properties. The company sold the properties worth EUR 800 million to Patrizia Immobilien based in Augsburg.

The sale was considered good news by Kepler Cheuvreux Analyst Thomas Neuhold. "The 40 percent equity ratio targeted by the company will be reached with the two latest transactions," he told Bloomberg by phone.