CA Immo acquires shares of joint venture partner in Kontorhaus, Munich (DE)

CA Immo makes agreement with E&G Bridge Equity Fonds GmbH & Co. KG to increase shares in Kontorhaus office project in Munich’s Arnulfpark
CA Immo has successfully increased its company shareholding in Kontorhaus Arnulfpark GmbH & Co. KG from 50% to 93%. The purchase price was agreed to be kept confidential. The seller of the shares is E&G Bridge Equity Fonds GmbH & Co. KG. The transaction will be closed in the third quarter of 2014.
Until now the Kontorhaus office project, which encompasses gross floor space of 25,000 m² in total, was managed as a joint venture between CA Immo and E&G Financial Services GmbH. It represents the final component in Arnulfpark, the city district developed by CA Immo close to the centre of Munich. The anchor tenant with 14,000 m² of floor space is Google. When construction began, some 55% of the building was already pre-let on a long-term basis. Completion is scheduled for the autumn of 2015.
According to Bruno Ettenauer, Chief Executive Officer of CA Immo, “The Kontorhaus, an ideal extension to our asset portfolio in Munich, will consolidate our presence in one of Germany’s most attractive submarkets. In line with our corporate strategy, we have acquired company shares while reducing joint venture shares. This project will make a positive overall contribution to the net asset value of CA Immo.”
Source: CA Immo