Siemens Completes Sale Leaseback of Large R&D Campus in Germany

Siemens Real Estate Web Site - March 9, 2010

Siemens Real Estate (SRE) has sold the office and business park in München-Perlach to an acquisition company set up by HIH Hamburgische Immobilien Handlung GmbH (HIH) and RFR Holding GmbH (RFR). The parties have agreed to disclose no details on the purchase price.

The site, which is located in the east of Munich, formed part of the assets of the fund administered by Siemens Pension Trust e.V. The sale and reinvestment of the proceeds in the fund assets is intended to optimize the trust’s investment profile. Siemens will maintain its connection with the park and continue its presence on site: The group has signed a leasing agreement with the investor for all buildings on the complex for the next 13 years, with options to extend this by a further 15 years.

The office and retail park in Neuperlach has a net floor area of approx. 370,000 square meters and covers a plot area of more than 425,000 square meters. There are more than 30 individual buildings on the site, all of them interconnected. It is home to a number of Siemens’ departments, including Corporate Technology (research and development), Siemens IT Solutions (information technology), Siemens Financial Services (financial solutions provider) and SRE (real estate).

The acquisition company, BSC München Grundstücks GmbH & Co. KG, consists of a private placement managed by HIH Hamburgische Immobilien Handlung GmbH (HIH) and RFR Holding.

(Note: Other sources report that the transaction yielded a 9.5% return on cash equity as a result of a EUR 250 million financing provided by a syndicate led by Helaba.) Sphere: Related Content