Commerz Real sells Highlight Towers in Munich to Imfarr and SN
Sustained demand for premium properties utilised
Leeway gained in portfolio terms for additional investments
Commerz Real has sold Highlight Towers in Munich to a joint venture between the family-owned companies Imfarr Beteiligungs GmbH and SN Beteiligungs GmbH. It was agreed that confidentiality be maintained on the purchase price. “We have utilised the ongoing high level of demand for premium properties so as to attain a result attractive for our investors,” explains Maja Procz, Global Head of Transactions at Commerz Real. “At the same time we are gaining leeway for investments in other properties in Munich, for example in subsidised residential real estate.” The property was acquired in 2016 for the open-ended real estate fund hausInvest, and Commerz Real has succeeded in increasing the occupancy rate for the landmark building during the holding period to 100 per cent. Among the 27 current users are Fujitsu, IBM, Amazon, Sol Meliá and Design Offices.
The two towers – planned by the architects Murphy/Jahn and completed in 2004 – have a height of 126 and 113 metres, respectively; with a leasable area of approx. 85,800 square metres they provide office space over 33 and 28 storeys. In addition, the ensemble includes a five-storey forum and a seven-storey hotel building with 160 rooms, as well as a three-storey underground car park with 756 parking spaces. The ensemble is located at Mies-van-der-Rohe-Strasse 4-10 at the intersection of Munich’s ring road and the A9 highway in Park City Schwabing, a former industrial area which the City Of Munich has been developing since 2001 with office buildings and a number of residential properties.
Commerz Real was advised on commercial aspects of the transaction by BNP and CBRE, and on legal matters by the law firm Taylor Wessing.