Commerz Real AG has sold the heritable building rights for the group headquarters of SKY Deutschland AG in Unterföhring near Munich to a property company belonging to the Swiss real estate investor Gold Tree for €50 million.
Upon entering into the original commitment it was planned to sell the real estate to an investor after the completion of the property and the commencement of the lease agreement with SKY Deutschland AG. This strategic objective has now been attained. Thus the transaction represents a successful conclusion to the project development commenced by Commerz Real AG in 2008.
Continuum Capital Frankfurt was responsible together with Gold Tree for the restructuring of the existing hereditary building right agreement on the basis of fixed term of 99 years plus further options and offered the property on which the HBR is located to German pension fund. Parties agreed not to disclose any information with regard to the value of this part of the transaction.
In mid-2007 Commerz Real AG won the investor competition to construct the headquarters for ca. 1,100 employees of SKY Deutschland AG, convincing above all with its draft architecture and economic efficiency. The property was handed over to the tenant, SKY, in May 2010 after a six-month planning phase and a construction period lasting 21 months. Commerz Real was the general contractor, accompanying the project development in all phases of the project with an interdisciplinary team of experts and internal construction management services, ranging from the planning, through the financing, to the actual construction.
Source: Commerz Real