HANNOVER LEASING sells educational campus 'Haus des Lebenslangen Lernens' in Dreieich to Montano Real Estate
HANNOVER LEASING sells educational campus "Haus des Lebenslangen Lernens" in Dreieich to Montano Real Estate
München, 4 October 2023 – Hannover Leasing, a subsidiary of Corestate Capital Group (Corestate), has successfully sold "Haus des Lebenslangen Lernens, Dreieich ("HLL") for a closed-end public fund it manages, despite a challenging market environment. The buyer is the investment and asset manager Montano Real Estate. Innovative and pioneering educational concept With the highly acclaimed education project “Haus des Lebenslangen Lernens”, Campus Dreieich, the district of Offenbach in Hesse together with OFB-Projektentwicklung as project developer and Hannover Leasing as financing partner, had implemented the education concept of the European Council and the "Strategy for Lifelong Learning" of the federal and state governments. The education center in Dreieich-Sprendlingen, which was partly refurbished or converted and partly newly built from 2007 onwards, is now an important component of the public social infrastructure. It brings together various forms of schooling, education and childcare in the Offenbach district in a campus for intergenerational learning. On the HLL site, children learn alongside young professionals, adult education students, students and retirees. The educational campus was completed in 2008 with a total area of approximately 32,500 square meters and its own parking garage. The HLL is fully leased to the Offenbach district until 2038. High transaction security thanks to price escalation clause In order to take account of the volatile interest rate development up to the planned closing at the end of September, a price escalator clause was integrated into the purchase agreement. If market interest rates continued to rise, the purchase price was to fall, while it was to rise if interest rates fell. This mechanism gave both sides transaction security. With a purchase price of around € 116m, the sale is one of the largest single transactions on the German commercial real estate market in 2023. Martin Eberhardt, Managing Director of Hannover Leasing Investment: "As early as 2007, the HLL Campus was an innovative beacon project in the field of education and thus far ahead of its time. The need for investment in public education infrastructure remains as strong as ever. Compliments go to our asset management team, which successfully executed this complex transaction in a very challenging market environment. With this sustainable investment in public infrastructure, we achieved a total return of over 320 percent in terms of equity (before taxes) for our investors over the life of the fund. This shows that we offer exactly what is needed from a single source to accompany sophisticated investments throughout the entire cycle from construction to management to sale." The seller was advised in the transaction process by "von Kreisler Cie. GmbH", Pullach and legally and fiscally by "SATELL", Munich.
Press and Investor Relations Contact About HANNOVER LEASING About Montano Real Estate Forward-looking statements
End of Media Release Issuer: Corestate Capital Holding S.A. Key word(s): Real estate
04.10.2023 CET/CEST Dissemination of a Press Release, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | Corestate Capital Holding S.A. |
4 Rue Jean Monnet | |
2180 Luxembourg | |
Luxemburg | |
Phone: | +49 69 3535630-107 |
Fax: | +49 69 3535630-299 |
E-mail: | IR@corestate-capital.com |
Internet: | www.corestate-capital.com |
ISIN: | LU1296758029 |
WKN: | A141J3 |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1740469 |
End of News | EQS Media |
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1740469 04.10.2023 CET/CEST
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