Munich, Germany (PressExposure) November 28, 2009 -- With the sale for â¬ 200 million of LenbachgÃ¤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 PÃ¶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."