• Acquired the assets directly in sale-and-leaseback of Tenovis/Avaya, a KKR owned company.

Equity partnership

  • Equity/operating partnership


  • 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
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