Tower 185, a prominent feature of the Frankfurt skyline, changes hands for EUR 775 million
London, 12 December 2017 – Drooms supported the sale of the 200-metre building by providing its virtual data room solution, Drooms NXG, for the online due diligence process. The property transaction volume totalled EUR 775 million. Germany’s fourth-tallest skyscraper and office building, located in Frankfurt city centre, was purchased by DekaBank. The building, with a surface area of over 100,000 m2 available for rent, boasts PWC as its main tenant having leased around 60% of the rentable surface area.
Tower 185, single-handedly developed by CA Immo and completed in 2011, was formerly jointly owned by CA Immo and two pension funds. The sell side conducted due diligence processes for this transaction using Drooms NXG. All parties involved on both the buy and sell side received secure access to all transaction-relevant information for the valuation of the property. The transaction was completed within a very short time frame and supported by rapid document display. Q&A processes were also directly managed in the data room. In using Drooms NXG, the sell side maintained complete control over documents and information at all times by allocating various permission levels for individual users. Additionally, all activities in the data room were continuously recorded. Authorised user groups are able to access documents securely at any time, anywhere, regardless of their location.
Over 10,000 complex transactions such as commercial real estate sales, IPOs and mergers and acquisitions have already been handled by Drooms. The company has further developed its new virtual data room Drooms NXG to ensure, above all, enhanced automation of real estate transactions. Features such as the Findings Manager will support risk assessments in the future thanks to the use of machine learning technology as well as speed up due diligence processes. More than 25,000 companies around the world use Drooms. As the leading European provider of data room solutions, Drooms has assisted in transactions amounting to a total of over EUR 300 billion.