Wednesday, July 18, 2007

AEG-Electrolux Completes €60 Million Sale Leaseback of HQ in Nurnberg Germany

Finfacts Ireland - July 18, 2007

CMC Capital, the West Cork based investor in German commercial property on behalf of clients, has announced it has purchased the headquarters of the international domestic appliance group AEG-Electrolux in a €60 million investment. The property, which is located in Nurnberg, Germany was purchased in the form of a sale and lease back arrangement on behalf of CMC Capital’s property syndicate investors.

Under the terms of the deal, AEG-Electrolux has agreed to a long lease for office accommodation on the site, where it will retain its international headquarters on approximately 20,000 square metres. Over 700 AEG employees will continue to work at the complex, located close to the centre of Nurnberg.

The transaction was structured as a joint venture with the firm’s German partner, MIB AG, a leading German real estate firm based in Berlin. Under the terms of the agreement CMC Capital and MIB AG will look to further develop the site following this acquisition. Sphere: Related Content

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