Hamburg Commercial Bank finances “Koryféum” office project in Unterschleißheim
Hamburg Commercial Bank (HCOB) is providing financing of EUR 100 million to a 50/50 joint venture of Cain International’s European Real Estate Opportunity Fund I and FREO Group. The funding for the JV is intended to realize an office development project in southern Germany.
The “Koryféum” office development project is being built in Unterschleißheim, in the north of Munich, and can be reached from the airport by public transport in around 20 minutes. A total of 80,000 square meters of ultra-modern office space will be built in three phases on the 60,000 square meter site on Landshuter Strasse. The total of six buildings will include flexible meeting rooms and temporary workstations, as well as fitness areas and outdoor sports fields for free use by tenants. The campus is aiming for the Gold Standard of the German Sustainable Building Council (DGNB e.V.) as well as WiredScore certification, a globally recognized standard for the digital connectivity of real estate.
Copyright FREO
“For this project, two very experienced market players have joined forces to realize an innovative construction project with state-of-the-art space and a high demand for sustainability. As a result, the entire project also fits very well into our portfolio”, said Peter Axmann, Head of Real Estate Clients at Hamburg Commercial Bank. “The office real estate asset class has come through the Covid crisis well, and we have seen stable demand for floor space despite home offices. With the flexible work and shared spaces envisioned, the Koryféum is on trend and meets the growing demand for a work-life balance.”
Daniel Harris, Head of European Investments at Cain International, said: “This first joint venture in Germany represents a unique opportunity for us to enter an attractive office market and work with an established partner to develop an innovative office campus. We are also pleased to have Hamburg Commercial Bank as an experienced financing partner on our debut in Germany”. The investment company has already worked successfully with the FREO Group on projects in Spain and France.
Jan Heidelmann, Managing Director of FREO Germany, said: “We initially acquired this property because we believe in the great advantages of the location. We are convinced that the office location Unterschleißheim will develop into a leading technology and service location just outside Munich. In the financing, Hamburg Commercial Bank has once again demonstrated its expertise, which we already know from previous financing projects”.
Hamburg Commercial Bank was advised on the transaction by the commercial law firm TaylorWessing.
About FREO
Established in 1996, FREO Group is an independent international investor, developer and asset manager in the real estate sector with a deep and cohesive network of 13 offices in Germany, the United Kingdom, France, Italy, Spain, Switzerland, Luxembourg and the USA. FREO has worked on more than 50 projects totaling in excess of 2 million square metres. In addition to the development and repositioning of office buildings, hotels and retail in high-quality city centre locations, the main areas of activity also include the development of residential real estate.
About Cain International
Cain International is a privately held investment firm led by Jonathan Goldstein operating in Europe and the United States. Since 2014, the company has invested over $6.7 billion into real estate debt and equity. Cain International also invests in lifestyle & leisure businesses that deliver experiences, services and amenities for modern consumers. Cain International is a partnership between its CEO, Jonathan Goldstein and Eldridge Industries. Cain International Advisers Limited, the firm’s asset management and investment advisory division, is an SEC-registered investment adviser.
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