Virtual Data Room Drooms Supports UBS and Allianz Real Estate in High-Rise Acquisition
Allianz Real Estate Purchases Frankfurt High-Rise Building Skyper from UBS-Managed Fund
On 7 October 2013, Drooms, a virtual data room provider, announced that it supported Allianz Real Estate in the purchase of the high-rise complex Skyper. The office tower is located in the heart of Frankfurt's banking district and was acquired for use by a variety of Allianz companies. Support for the purchasing process was provided by the Drooms virtual data room.
"A crucial element in every successful transaction is the secure and efficent handling of due diligence processes," emphasised Jan Hoffmeister, managing director at Drooms. "This is precisely what we had in mind when we developed our virtual data room Drooms."
A UBS fund advised by Shaftesbury Asset Management was responsible for the sale of the Skyper tower, with total capital expenditure amounting to roughly 300 million euros. Skyper is the first Frankfurt tower added to Allianz's real estate portfolio.
Drooms' software application was selected by Allianz Real Estate to provide secure, straightforward, and efficient support for the complex transaction. The secure cloud provider has significant experience in supporting commercial real esate sales, mergers & acquisitions, and initial public offerings. Clients include leading global companies such as BASF, Siemens, Deutsche Bank, Daimler, Commerzbank, ING, Ernst & Young, KPMG, Novartis, Evonik, and the Metro Group.
Drooms provides a highly secure platform for business transactions, particularly when it comes to handling sensitive data – such as during due diligence processes. Additionally, the centralised nature of a virtual data rom streamlines the handling and processing of sensitive data by multiple parties because authorised participants have round-the-clock access to all relevant documents.
The Drooms virtual data room offers several features to promote a more efficient workflow, including rapid downloads so that documents are displayed immediately and in real time, and a Q&A management tool to coordinate the communications and sales processes.