Commerz Real Sells Highlight Towers in Munich
Posted on 05/25/2021
On May 19, 2021, Commerz Real AG, a subsidiary of Commerzbank AG, sold Highlight Towers in Munich to a joint venture between the family-owned companies IMFARR Beteiligungs GmbH and Switzerland-based SN Beteiligungen Holding AG. The purchase price is estimated to be €700 million. The office towers are fully let to companies such as Amazon, IBM, Fujitsu, Sol Meliá, and Design Offices. The transaction is one of the largest single commercial real estate deals in Germany in recent years.
Commerz Real bought Highlight Towers in 2016 from the open-end real estate fund hausInvest.
McDermott Will & Emery acted as advisors to Imfarr.
Vienna-based IMFARR Beteiligungs GmbH is a family business, owned by Nemat Farrokhnia, which specializes in real estate development and investment.
IMFARR Beteiligungs and SN Beteiligungen jointly acquired properties such as the Frankfurt “Silberturm”, the Nestlé Campus, and the Development Partner AG.
