German corporate BayWa has sold its headquarters in Munich for EUR 80 mln in a first step towards redeveloping the 17-storey skyscraper.
German corporate BayWa has sold its headquarters in Munich for EUR 80 mln in a first step towards redeveloping the 17-storey skyscraper.
The buyer is a 50:50 joint venture between BayWa - which operates in the agriculture, building materials and energy sectors - and Munich-based real estate company Competo Capital Partners.
BayWa will move to temporary accommodation in 2014 while its head office, dating from the 1970s, undergoes a redevelopment programme which will run to at least 2016. Once the work is completed the building will be sold to an investor and BayWa will lease it back on a long-term rental agreement.
Competo Capital Partners operates as an equity partner in development projects in all major property segments in Germany. Since its inception in 2007, Competo has been involved in 17 projects. Its current portfolio comprises 10 projects with a total volume of EUR 400 mln.
