The Xanadu office portfolio held in a CMBS securitisation was sold to an unnamed private equity fund for 鈧�180 mln.
The Xanadu office portfolio held in a CMBS securitisation was sold to an unnamed private equity fund for 鈧�180 mln.
The portfolio, which was valued at 鈧�350 mln at the market peak in 2007, includes seven office buildings in Berlin, Cologne, D眉sseldorf, Hamburg, Karlsruhe, Landshut and M眉nster offering a total floor area of 160,000 m2.
Main tenant in the properties, which generate a rent of 鈧�22 mln a year, is Deutsche Telekom Immobilien and Service.
The Xanadu loan, securitised in Credit Suisse鈥檚 鈧�1.3 bn Cornerstone Titan 2007-1 CMBS, had failed to repay on its January 18 maturity date last year.
Savills managed the sale process.
