| Key Facts | |
|---|---|
| Location | Frankfurt, Germany |
| Deal type | Sale-and-leaseback |
| Property type | Headquarter office building of 47,500m2 with large development site |
| Closing date | 2003 |
| Origination | Direct through shareholder Kohlberg. Kravis and Roberts (KKR) |
| Status | Sold |
| Exit date | 2010 |
Origination
- Acquired the assets directly in sale-and-leaseback of Tenovis/Avaya, a KKR owned company.
Equity partnership
- Equity/operating partnership
Role
- Bifrost was responsible for origination, financing, value creation and active management during the holding period.
Value Creation
- Directly sourced the deal through a direct relationship with KKR. Raised equity and facilitated the finance through Eurohypo. Managed and disposed the asset directly.
- Renegotiated elements of the lease to unlock additional revenue and value, prepared a development scheme on the site. Stabilised certain environmental issues, restructured tenants security, unlocked additional revenue and managed the refinancing debt.
Property Type
- 47,500m2 headquarter office building with redevelopment potential:
- Office space and development project Frankfurt, Germany
