A joint venture led by New York City-based developer Shvo and Deutsche Finance America has agreed to sell the Transamerica Pyramid and the surrounding complex to Cyprus-based Yoda Ltd. for an undisclosed sum, reported Bloomberg News. The pending sale comes a little more than five years after the JV acquired the iconic San Francisco office tower for $650 million, reopening it in 2024 following renovations.
Bloomberg reported that German pension fund Bayerische Versorgungskammer (BVK), which provided much of the capital for the Transamerica Pyramid acquisition, now seeks to part ways with Shvo and Deutsche Finance. BVK committed around €1.6 billion (US$1.9 billion) in equity to U.S. real estate investments made with Shvo and Deutsche Finance.
Of that, €820 million was for three “particularly high-risk” residential developments and one renovation project, the Transamerica Pyramid. BVK has since warned that some of their joint deals could result in losses, according to Bloomberg.
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