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Axel Springer successfully concludes real estate transactions

By   /   July 17, 2017  /   Comments Off on Axel Springer successfully concludes real estate transactions

MIL OSI – Source: Axel Springer in English – Press Release/Statement

Headline: Axel Springer successfully concludes real estate transactions

The sale of the new building Axel-Springer-Neubau, which is currently under construction in Berlin, and of the nearby Axel-Springer-Passage building, attracted great interest from both institutional and private investors and was successfully concluded for a total of EUR 755 million.
On July 14, 2017, a deed of sale was concluded with the Norwegian sovereign wealth fund company Norges Bank Real Estate Management for Axel-Springer-Neubau, a new building designed by architect Rem Koolhaas (OMA) and set for completion in December 2019. The deed will automatically enter into effect once the construction of the new building is largely complete. The 13-story building complex, with a total rental area of approximately 52,200 sqm, is located on a site of around 10,000 sqm in the heart of Berlin, nearby the former Berlin Wall in Zimmerstraße and next door to the company’s existing office buildings. Axel Springer will lease the new building back on a long-term lease.
The new owners of Axel-Springer-Passage, which was opened in 2004, are Blackstone Real Estate Partners Europe V (“Blackstone”) and QUINCAP Investment Partners (“QUINCAP”). A corresponding deed of sale was signed on July 5, 2017, which will enter into effect with the payment of the purchase price and handover of the building at the end of 2017. The ten-story building, with a total rental area of approximately 52,700 sqm, borders Axel Springer’s remaining high-rise buildings. After the sale of the property, Axel Springer will still use the majority of the overall area until end of 2020.

Dr. Julian Deutz, Chief Financial Officer Axel Springer SE, comments: “We are delighted about the high level of interest in our Berlin real estate and that we were able to conclude this transaction so rapidly. The realized purchase price significantly exceeds our initial expectations. We will be able to use the extra liquidity for future digital growth initiatives. The new Axel Springer building is key to our goal of deepening the cultural transformation of the company. Whether we own the building or rent it is irrelevant in that regard.”
In both transactions, Axel Springer was advised by JLL and Hengeler Mueller.
As Senior Advisor to the Executive Board of Axel Springer SE, Patrick Reich, Managing Partner of Caleus Capital Investors, accompanied both deals.

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