CBRE Global Investors has announced the acquisition of an office building in central Munich from Blackstone’s OfficeFirst arm.
Although financial details were not disclosed, the asset is believed to have traded for around €150 mln.
The property, acquired on behalf of one of CBRE GI’s pan-European funds, is located in close proximity to Munich's CBD and main railway and central bus stations, and offers around 18,000 m2 of GLA. The scheme is fully let to a diversified tenant base. It is arranged over basement, lower ground, five upper floors and a penthouse floor. There is a courtyard and underground parking with 159 parking spaces.
‘The strong demand for office space in Munich combined with vacancy rates below 1% in the city centre and the limited future supply makes this a rare investment opportunity. With strong upside potential combined with refurbishment and asset management initiatives, the property is well positioned to deliver on the investment requirements of the fund’s investors,’ commented Sebastian Ehrhardt, head of Transactions, Germany at CBRE Global Investors.
‘Despite the current working from home phenomenon, we are firm believers in the future of offices that are located in winning cities, core locations, close to transport hubs and offer occupiers flexible, tech enabled space. This asset meets the investment criteria we require, and it is an excellent addition to the fund’s portfolio,’ added John Mulqueen, head of Offices EMEA, CBRE Global Investors.
CBRE Global Investors was advised on the transaction by Arcadis, CBRE and Linklaters. The seller was advised by Cushman & Wakefield and Hengeler Müller.