Boston-based Pembroke Real Estate has acquired the Altstadt Palais office building in Munich for an undisclosed price. This is the second acquisition by Pembroke on behalf of its investors this year, following the purchase of the Lorenzistock building in January.

The Altstadt Palais comprises 9,584 m2 of net leasable area on the Karl-Scharnagl-Ring in Munich's central business district. The property, which is fully let, was completed in September 2008.

Pembroke acted as advisor to the purchasers in the acquisition, which was structured as an acquisition of the shares of the company owning Altstadt Palais. Law firm Sammler Usinger advised Pembroke during the transaction.

Pembroke is an international real estate adviser that provides investment, asset management and development services to its investors. Established in 1997, Pembroke invests private capital on behalf of Fidelity Investments and Fidelity Investment Managers. The company manages more than 634,585 m2 in key markets in Europe, North America and Asia.