Funds advised by Crescendo Real Estate Advisors LLP have closed the acquisition of KME’s Germany headquarters and main manufacturing facilities in Osnabruck last week. Through a sale & leaseback transaction, KME will lease the property for a primary term of 30 years. The lease is guaranteed by KME’s holding company. KME is one of the world’s largest manufacturers of copper, copper alloy and copper rolled products. The property represents the company’s main European footprint and services a worldwide distribution network. Totalling more than 570,000m², the Osnabrück site contains 273,600m² of lettable industrial and office space.
Thomas Reckers, net lease portfolio manager at Crescendo, commented: “This transaction demonstrates Crescendo’s ability to close complex sale and leasebacks for major corporations in a timely manner. With significant capital resources for investment, Crescendo continues to seek sale & leaseback opportunities across Europe that provide corporations with capital to invest in their business, while providing long-term occupancy of strategic real assets.”
Diva Moriani, KME’s Vice president and Group Chief Transformation Officer, commented: “This transaction, materially contributes to the group target of progressive deleveraging, providing also proceeds to support the growth path of the KME core business. We successfully executed a complex sales and lease back together with Crescendo, an excellent real estate partner."
