Dutch corporate real estate investor Geneba Properties has disposed of its stake in the Infineon headquarter building in Munich to Infineon Technolgies for €113 mln.
Geneba sold its 93% stake in the closed-end fund MoTo Objekt Campeon, the legal owner of the building, to the property's only tenant.
'The sale of our stake in MoTo is an important step to take Geneba to its next phase as a company. We are pleased to have completed this important transaction in a way that is beneficial to all involved so we can further diversify our portfolio with targeted acquisitions,' commented Wulf Meinel, CEO of Geneba.
The asset, dubbed Campeon, comprises 150,000 m2 of office space and is located in the Neubiberg district of the city. Geneba said that its size and relative office share in its portfolio did not fully comply with the strategy of building a diversified portfolio. The transaction volume was above book value.
'Campeon is a great asset and certainly of strategic value to Infineon and we are pleased to have completed a transaction that is beneficial to all involved. Going forward, Geneba is well positioned to continue executing on its growth plan and explore other alternatives to increase shareholder value,' said Gabriel de Alba, chairman of the supervisory board of Geneba.
Closing is subject to German anti-trust approval and is expected in December 2016.
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