CMC Capital, a Cork-based company specialising in commercial property investment in Germany, has purchased the headquarters of the international domestic appliance group AEG-Electrolux in a €60 million investment.
The transaction was structured as a joint venture with the firm's German partner, MIB AG, a real estate firm based in Berlin. MIB's financial contribution to the deal was not disclosed.
The property, in Nuremburg, was purchased on a sale and lease back arrangement on behalf of CMC Capital's property syndicate investors.
Typically, CMC raises €20 million from its syndicates of high net worth individuals around the country and leverages that sum to purchase properties in Germany.
It has some €500 million worth of German commercial property under management on behalf of its Irish investors.
Under the terms of the latest deal, AEG-Electrolux has agreed to a lease for office accommodation on the site, where it will retain its international headquarters on about 20,000sq m.
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