DGAP-News: Change of ownership starting May 1, 2021: ACCUMULATA and JV Partners acquire Motorama Ladenstadt in Munich
b'Change of ownership starting May 1, 2021: ACCUMULATA and JV Partners acquire Motorama Ladenstadt in Munich\nThe issuer is solely responsible for the content of this announcement.\nMunich, April 30th, 2021.
DGAP-News: Accumulata Real Estate Group GmbH / Key word(s): Real Estate/Acquisition Change of ownership starting May 1, 2021: ACCUMULATA and JV Partners acquire Motorama Ladenstadt in Munich 30.04.2021 / 11:54 The issuer is solely responsible for the content of this announcement. Munich, April 30th, 2021. Munich-based real estate developer and asset manager ACCUMULATA will legally acquire Motorama Ladenstadt on May 1, 2021 in a joint venture with US investment manager Angelo Gordon, Schmülling Beteiligung GmbH and an affiliate of L-REA GmbH. The buyers were legally represented by Clifford Chance LLP, tax advice was provided by Ernst & Young. The seller was advised by CBRE. The c. 24,000-square-meter iconic building complex at Rosenheimer Strasse 30 is anticipated to be repositioned, with a contemporary mix of uses that will enhance the location in the long term. In close consultation with tenants, neighbors and the authorities, the buyer consortium is currently working on various development options. Marcel Hertig, Director at Angelo Gordon adds: "We are looking forward to our first investment in the Munich real estate market and see the great potential of the property. The central downtown location and the size of the building complex qualify the Motorama for many different uses. We look forward to contributing our experience gained in the active management of urban neighborhoods, such as Chelsea Market in New York, as part of the planned repositioning." Kord Schmülling, Managing Director of Schmülling Beteiligung GmbH: "Due to the targeted configuration of the joint venture, our team not only has a high level of local expertise, but also interdisciplinary specialists. This equips us perfectly for the upcoming repositioning." The ACCUMULATA Group Press Contact Agency Press Contact Company
30.04.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | Accumulata Real Estate Group GmbH |
Rindermarkt 5 | |
80331 München | |
Germany | |
Internet: | www.accumulata.de |
EQS News ID: | 1191248 |
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1191248 30.04.2021