Global Investors has paid an undisclosed sum to buy a fully-let 18,000sqm office building in central Munich on behalf of one of its pan-European funds.
Sebastian Ehrhardt, head of transactions, Germany at CBRE GI, said the strong demand for office space in Munich combined with vacancy rates below 1% in the city centre and the βlimited future supply makes this a rare investment opportunityβ.
βWith strong upside potential combined with refurbishment and asset management initiatives, the property is well-positioned to deliver on the investment requirements of the fundβs investors,β Ehrhardt said.
The asset, arranged over basement, lower ground, five upper floors and a penthouse floor has been acquired from an unnamed seller.
John Mulqueen, head of EMEA offices at CBRE GI, said: βDespite 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.
βThis asset meets the investment criteria we require, and it is an excellent addition to the fundβs portfolio.β
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