US private investor Pembroke Real Estate has announced its first acquisition in Germany with the purchase of a Grade-A office and retail property from developer and asset manager Bayerische Hausbau. Both companies have agreed confidentiality on the purchase price.

Pembroke Real Estate has bought the Lorenzistock building located in Munich's old city and part of the former imperial residence Alter Hof. The five-storey building was extensively restored and extended by Bayerische Hausbau from April 2004 to September 2006. It offers 8,000 m2 of office, retail and storage space and 20 parking spaces.

'In Munich there are still prime locations which really deserve this designation. We have recognised the Lorenzistock's potential and brought new life to the building through our extensive restoration,' explained Kai-Uwe Ludwig, managing director of Investment/Asset Management at Bayerische Hausbau.

CB Richard Ellis advised the vendors. Sammler Usinger provided legal and tax counsel to Pembroke.

'Lorenzistock's outstanding location combined with its innovative and high quality architecture provides us with an ideal initial long-term investment in the Munich market,' said Johannes Haug, senior vice president and managing director for Europe at Pembroke Real Estate. 'As Germany's largest office and retail market, Munich has tremendous long-term investment potential and we look forward to being a part of the Munich business community.'