Puma

Project Puma is a 47,500 sqm headquarters office building with redevelopment potential: office space and development project in Frankfurt, Germany. The property was acquired in 2003 and sold in 2010. Bifrost was responsible for origination by directly acquiring the assets in a sale-and-leaseback from Tenovis/Avaya, a KKR owned company, for financing, value creation and active management during the holding period.

Some of the value creation initiatives include: sourcing the deal directly through a relationship with KKR, raising equity and facilitating the financing through Eurohypo, managing and disposing of the asset directly. The management team renegotiated elements of the lease to unlock additional revenue and value and prepared a development scheme for the site. Certain environmental issues were also stabilized, restructuring tenant security, unlocking additional revenue and managing the refinancing debt.