Funds advised by Crescendo Real Estate Advisors have closed the acquisition of KME’s Germany headquarters and main manufacturing facilities in Osnabrück.
Financial details were not disclosed.
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 570,000 m2, the Osnabrück site contains 273,600 m2 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.'
Crescendo was formed by Cabot Lodge and Daniel Quai in 2013 as an independent principal real estate investment and advisory firm. It invests capital on behalf of institutional clients, asset managers, single and multi-family offices.
Crescendo is focused on two main strategies in the UK and Europe, which comprise the provision of net lease finance and real estate debt.
