Prime Office REIT-AG agreed with WealthCap on the sale of the office building in Hufelandstrasse 13, 15 in Munich.
Under the sales contract, the rights and obligations in connection with the property with a total rentable area of 8,224 m², which is currently let to BMW as a design center and to Semcon Group, will be transferred by September 2013. At that date, the buyer will also pay the purchase price in the amount of €20.5 million, which is slightly below the current recognized book value.
“The sale of the property in the Hufelandstrasse represents as announced earlier an important step towards improving the capital base of Prime Office and will further reduce the leverage of our company since the loans will be repaid early,“ says Alexander von Cramm, member of the executive board of Prime Office REIT-AG
Source: Prime Office REIT