Doughty Hanson & Co Real Estate has announced that it has sold Maximilianhöfe, a flagship property on Munich's Maximilianstrasse, for €270 million (US$350 million) to Quinlan Private.
Maximilianhöfe is situated between the historical buildings of the Bavarian State Opera and the Kempinski Hotel Vier Jahreszeiten. The site was acquired in March 2000 from the Free State of Bavaria by Doughty Hanson & Co Real Estate as part of its Real Estate Solutions programme.
The site was cleared and redeveloped into 20,000 m² of prime office and retail space and a build-to-suit rehearsal stage facility for the State Opera.
Highlights include:
- The sale will return €80.4 million to investors;
- Maximilianhöfe was refinanced in November 2005, returning €29.2 million to investors;
- The total return on the Fund's equity investment will be a multiple of 5.7 times;
- The sale of Maximilianhöfe is a share transaction;
- The property is fully leased; office tenants include Bain Capital and law firms Weil Gotshal & Manges LLP, Kirkland & Ellis International LLP and Milbank Tweed Hadley & McCloy LLP, and the retail tenants include Gianfranco Ferre, Dolce & Gabbana, Versace, Etro, Bally and Chopard.
Sebastian Greinacher, Principal, Doughty Hanson & Co Real Estate, said: "The development of Maximilianhöfe has been an excellent example of creating a high-quality, institutional investment while satisfying the needs of a local community and its cultural heritage.
"The public private partnership model enabled the Free State of Bavaria to take delivery of a rehearsal stage on time and on budget, while we were able to develop the private part of the property to its highest and best use.
"Having completed a highly desirable commercial and retail environment and created significant value for our investors, it is now time to realise this value. We congratulate Quinlan Private on what is undoubtedly a prime flagship asset."
Source: Doughty Hanson
