Commerz Real has acquired the HighLight Towers complex in Munich for an estimated €500 mln.
The German fund manager acquired the 73,000 m2 mixed-use scheme just before Christmas on behalf of its open-ended real estate fund, Hausinvest. The developer and vendor was KanAm, another German fund manager.
The price was not disclosed but Immobilien Zeitung estimated it was about €500 mln.
Designed by architects Murphy/Jahn of Chicago and completed in 2004 to LEED Gold certificate standard, HighLight features twin office skyscrapers joined by two bridges of steel and glass. Tower I comprises 33 floors over 126 metres, while Tower II has 28 floors over 113 metres. The towers are among the tallest in Munich. The complex also includes a 7-storey hotel and a separate 5-storey office building.
The acquisition follows a spate of sales by Commerz Real's Hausinvest. The fund sold its 50% share in the 64,000 m2 TaunusTurm office complex in Frankfurt's banking district to an international consortium for an estimated €500-600 mln just before Christmas, and in separate deals divested the vacant Junghof Plaza in Frankfurt and the Life Science Center Keilaniemi in Espoo, Finland.
