With the sale for â‚¬ 200 million of LenbachgÃƒ¤rten, a prestigious Munich office and hotel complex, the Austrian property company Immofinanz AG has finalized one of Germany's biggest real estate transactions in the Brainloop Secure Dataroom.
Munich, Germany, November 27, 2009 -- With the sale for â‚¬ 200 million of LenbachgÃƒ¤rten, a prestigious Munich office and hotel complex, the Austrian property company Immofinanz AG has finalized one of Germany's biggest real estate transactions in the Brainloop Secure Dataroom. Immofinanz used the web-based SaaS solution, which enables companies to quickly and securely share confidential documents, to collect and store all of the necessary information from the buyer and seller sides. The data room service was provided by the Austrian company EHL Immobilien, which organized and managed the property sale.
A total of four data rooms were set up for this highly complex transaction. One was provided for the five-star hotel The Charles, and one for each of the two office buildings that are a part of the complex. A further overarching data room was used for the corporate legal documents relating to the whole group of buildings. The building-specific data safes contained technical documents such as construction plans, tax-related information, rental agreements, and contracts with service companies. Over 45 users accessed the documents during the due diligence phase, while end-to-end security and document confidentiality were given the highest priority at all times. The documents could only be downloaded if they included a watermark. This made it clear which users were in possession of the confidential data and ensured the documents could not be forwarded indiscriminately to other people.
Franz PÃƒ¶ltl, from EHL Investment Consulting, comments: "We provide our clients with the Brainloop Secure Dataroom as a service they can use to quickly and securely share documents during the due diligence phase. Having a centralized, web-based document safe for all information relevant to the sale - such as the multiple contractual obligations with suppliers, tenants, and shareholders - is very helpful to firms conducting complex real estate transactions. It significantly accelerates the whole sales process while ensuring efficient project execution."
"From our perspective as the seller of this prime commercial property, we found the data room application easy to use," adds Eduard Zehetner, CEO of Immofinanz. "The familiar Windows Explorer-like structure made it easy to organize and store all the documents that the buyers would need. Our goal was cash optimization from asset disposal in a limited timeframe and in difficult market conditions - and we achieved that with the help of the Brainloop Secure Dataroom."
Brainloop, with offices in Munich and Boston, is the leading supplier of software solutions for high-security management of confidential documents. Brainloop Secure Dataroom is a virtual document safe that enables safe filing, editing and distribution of highly confidential documents within a single company, and beyond. All contents are powerfully protected from unauthorized internal or external attacks, and all actions within the data room are documented by an auditing system. Examples for use include contract negotiations, collecting data and writing up quarterly reports, and any other communication that contains confidential information.
Brainloop Secure Dataroom is used internationally by hundreds of renowned companies including BMW, Deutsche Telekom, Eurocopter, Sky (formerly Premiere), ThyssenKrupp, Pricewaterhouse Coopers und Landesbank Berlin. Leading law firms and investment banks use this solution for the complete life cycle of M&A transactions. Strategic partners of Brainloop are HP, IZB, Microsoft and T-Systems Business Services. http://www.brainloop.com
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Victor Cruz, Principal
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