Austrian private developer-investor Imfarr and Swiss family-owned SN Holding have emerged as the buyer of the Elementum complex in Munich in a deal said to be worth some €500 mln.
The asset, a mixed-use complex providing 67,700 m2 of leasable area, is being sold by a real estate fund managed by Credit Suisse Asset Management with closing expected in early 2022.
Credit Suisse acquired the asset, a former Postbank building, in 2018 and received planning permission to redevelop it into a modern, energy-efficient office quarter, providing office and commercial accommodation as well as a green public inner courtyard, located in the immediate vicinity of Munich's main railway station.
The two buyers have agreed to implement the project as originally planned, with completion expected for 2025.
Francisca Fariña Fischer, head Real Estate International at Credit Suisse Asset Management said: 'We are pleased with the agreement concluded and pursue the goal of implementing further promising development projects in Germany as well as in the rest of Europe in the future.'
Imfarr and SN Beteiligungs earlier this year also bought the Highlight Towers in Munich from German fund manager Commerz Real for around €650 mln. In 2020, Imfarr also acquired Frankfurt’s Silver Tower at the end of 2020 with the Ketterer family office.
