Austrian listed property Group CA Immo said on Friday that it has increased its shareholding in the Kontorhaus office development in Munich's Arnulfpark from 50% to 93%.
Austrian listed property Group CA Immo said on Friday that it has increased its shareholding in the Kontorhaus office development in Munich's Arnulfpark from 50% to 93%.
Vienna-based CA Immo agreed the purchase with partner E&G Bridge Equity Fonds as part of its strategy of reducing the share of joint investments in its portfolio.
The parties agreed to keep the purchase price confidential. The transaction will be closed in the third quarter of 2014.
The 25,000 m2 Kontorhaus project is majority-let to Google which has taken 14,000 m2 of floor space. Completion is scheduled for the autumn of 2015.
'Kontorhaus will consolidate our presence in one of Germany's most attractive sub-markets,' said Bruno Ettenauer, CEO of CA Immo.
CA Immo is listed on the Vienna stock exchange and owns property assets of around €3.5 bn in Germany, Austria and Eastern Europe.
