Vienna-listed real estate investor CA Immo has bought out its partner, developer OFB Projektentwicklung, in their 50:50 joint venture in the Skygarden office scheme in Munich. CA Immo is now the sole owner of the recently completed property.
‘By acquiring the OFB shares, we are consolidating our investment on the Munich real estate market, which will continue to be key for us in future, and at the same time enhancing the asset portfolio of CA Immo with another landmark property’, said CA Immo’s CEO Bruno Ettenauer.
The office building, which was completed in August 2011, has total gross floor space of around 34,000 m2 and is preparing for Gold LEED environmental certification. The largest tenant is management consulting and auditing firm PricewaterhouseCoopers, which established its new Munich headquarters on 17,500 m2 of floor space as soon as the building was ready for occupancy.
CA Immo is also working on Ambigon, an office and commercial complex that includes a medical centre in Munich. The retail component and the medical centre commenced operations last October. The entire complex is scheduled for completion before end-2011. Other development projects currently in progress in the city include the new Baumkirchen Mitte district, the site surrounding the Freimann repair works and the Eggarten estate.
CA Immo develops and invests in commercial real estate, mainly offices, in Austria, Germany and Eastern Europe. The company’s total property assets amounted to some EUR 5.2 bn at end-June this year.
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