Commerz Real has sold Highlight Towers in Munich to a joint venture between the family-owned companies Imfarr Beteiligungs and SN Beteiligungs. The purchase price was not disclosed; however, it is estimated to be €700 million ($857 million), media outlets have reported.
“We have utilized the ongoing high level of demand for premium properties so as to attain a result attractive for our investors,” said Maja Procz, global head of transactions at Commerz Real. “At the same time, we are gaining leeway for investments in other properties in Munich, for example in subsidized residential real estate.”
The property was acquired in 2016 for the open-end real estate fund hausInvest, and Commerz Real has succeeded in increasing the occupancy rate for the landmark building during the holding period to 100 percent. Among the 27 current users are Fujitsu, IBM, Amazon, Sol Meliá and Design Offices.
The two towers — planned by the architects Murphy/Jahn and comple
