DLA Piper is advising the US cosmetics group Avon on the sale of its German head office to the property fund Captiva Capital Partners III ELP (Captiva). The 115,000 m2 site in the Munich suburb of Neufahrn with a total of 48,000 m² of floor space was sold off as part of a sale and leaseback transaction to the fund managed by Natixis Capital Partners (NCP) and completely leased back by Avon at short notice.

Dr Klaus von Gierke, a partner at DLA Piper in Hamburg, comments on the agreements reached “The successful management of this complex sale and leaseback transaction underlines the special expertise of our firm in the property sector and offers numerous advantages both for our client Avon as well as for the buyer NCP.” 

The extensive negotiations on sale and leaseback of the building complex with its campus-like arrangement by Avon were completed within a few months. 

With an annual turnover in excess of ten billion US dollars, Avon is number one in regards to direct sales of cosmetics and beauty products as well as jewellery and accessories. Worldwide more than six million women in more than 100 countries work as advisers and independent representatives for the company. 

From DLA Piper, partner Dr Klaus von Gierke (Corporate, Hamburg) and counsel Fabian Mühlen (Real Estate, Frankfurt) advised on this transaction.