Cork-based investment group buys AEG-Electrolux HQ

Cork-based German commercial property investment special CMC Capital has bought the headquarters of the international domestic appliance group AEG-Electrolux for €60m.

The property, which is located in Nurnberg, Germany was purchased in the form of a sale and lease-back arrangement on behalf of CMC Capital’s property syndicate investors.

Under the terms of the deal, AEG-Electrolux has agreed to a long lease for office accommodation on the site, where it will retain its international headquarters on approximately 20,000 square metres.

More than 700 AEG employees will continue to work at the complex, located close to the centre of Nurnberg.