Commerz Real AG plans to buy the main asset of a fund it created to purchase the former headquarters of Deutsche Boerse AG, operator of the Frankfurt exchange, after failing to find a new tenant for the building.
The German property manager announced the plan in an invitation to a July 19 shareholder meeting, at which investors will vote on the proposal. Commerz Real needs to acquire the assets of CFB-Fonds 130 Deutsche Boerse to prevent the fund from filing for insolvency by July 23, according to the invitation. The assets are valued at about 45 million euros ($55 million).
Commerz Real needs to win 75 percent of the votes cast at the meeting to proceed with its plan.
Deutsche Boerse’s rental contract ended in April 2011, according to the invitation. Commerz Real is in talks with a company that may rent about half of the space, though this probably won’t generate any income before 2015.