TD News International

Israeli Group buys office buildings from LBBW and FOM

A consortium of investors from Israel under guidance from the Switzerland-based Odyssey Group has acquired an office property portfolio consisting of two buildings with a total rental area of 65,000 sqm. LBBW Immobilien Management and FOM Real Estate were the sellers. According to information available to TD, one of the properties is an IBM area in Ehningen near Stuttgart that includes the firm's 12,000 sqm headquarters inaugurated in November, 2009. The other property acquired is said to be an office building in Herrenberg, where, according to earlier reports, LBBW and FOM bought surfaces from IBM in 2007. Reports from circles close to the market suggest that Odyssey paid considerably less than €100mn for the package. First Capital Partners advised the buyers consortium in the M&A and debt advisory areas. Legal counsel for the buyers was provided by the Graf von Westphalen law firm. P+P Pöllath + Partners was the seller's legal counselor.

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