Deals: Credit Suisse sells Elementum in Munich
Credit Suisse Asset Management sells the Munich project development Elementum to the family offices IMFARR from Austria and SN Holding from Switzerland.
IMFARR and SN Holding, two family offices specialising in project developments in Germany, have signed an agreement with Credit Suisse Asset Management for the sale of the Elementum office quarter in Munich. The transaction is expected to close in early 2022. It has been agreed with IMFARR and SN Holding that they will implement the project as planned until 2025, Credit Suisse Asset Management says. A real estate fund managed by the asset manager acquired the former Postbank building complex in 2018 and received planning permission to redevelop it into a modern, energy-efficient office quarter. The project is being built under the architectural leadership of Herzog & de Meuron.
Elementum is located in the immediate vicinity of Munich's main railway station. The project comprises a good 67,000 sqm of office, retail and restaurant space, conference areas, 300 underground parking spaces, 950 bicycle parking spaces, an 80 x 30 meter hill and forest landscape, and a 200-meter running track on the roof. Elementum can be implemented as a multi-tenant or single-tenant project. According to IMFARR and SN Holding, they are planning an investment of over 1 billion euros on the site. (ah)
