CR Investment Management sells CityTower Offenbach

Pan-European financial advisory firm CR Investment Management has announced that its Transaction Advisory Group advised on the sale of CityTower Offenbach to Publity AG.

CityTower Offenbach is a 140m high-rise building and the tallest in Offenbach, East of Frankfurt, Germany.

CR’s role was as advisor to both the lenders and the landlord. CR was supported by Görg as legal advisor and NAI Apollo as broker. Publity AG received legal support from CMS Hasche Sigle.

Prior to the sale, CR’s Real-Estate Asset Management Group structured a fully-indexed 21-year lease option with a franchisee of one of the largest global hotel operators for approximately 10,500 sqm or 42% of the building.

With the effect of the lease option in place, CR proved that it is possible to add value to a building with over 12,000 sqm of vacant space and never fully-leased since its construction in 2003.

The property was converted into an investment product that ultimately attracted a number of both local and international investors.

The property is one of the assets within the Sanchez Portfolio, financed by the Mozart Loan within the Talisman 7 securitisation, which is part of Hatfield Philips International (HPI) loan servicing.

CR has had the role of Asset Manager and Transaction Adviser for the portfolio, having been appointed in July 2011. This is the 63rd sale from the portfolio executed by CR since its appointment in close collaboration with HPI.



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