Coros, the German real estate manager formerly known as Commodus, has bought the Gustav-Heinemann-Ring 212 office building in Munich from Ardian.
Coros said the 16,000sqm asset, located in the Neuperlach district, was acquired for the Commodus Deutschland Fund II fund.
The property was built in 1990 and acquired by Ardian Real Estate in 2017. The office complex underwent modernisations in 2020 and 2021, Ardian said.
The property comprises office, restaurant, and medical practice space which Coros said it plans to modernise as well as upgrade βthrough a specially developed environmental, social, and governance (ESG) concept β culminating in a corresponding ESG certification.β
βWith the first purchase in the Bavarian capital, we are further advancing our target market strategy of acquiring existing, commercially used buildings in urban locations in Munich, as well as also in other European metropolitan areas,β the manager said.
Bernd HaggenmΓΌller, a senior real estate managing director at Ardian, said: βFollowing our efforts to extensively modernise the property in 2020 and 2021 as well as significantly boosting the long-term occupancy rate, we have successfully repositioned the office complex under the name Gustav.
βThe transaction underlines our teamβs ability to identify high-potential properties even in a competitive market environment and to successfully develop their potential through active asset management. We will continue to focus our investment strategy on core-plus, value-add commercial properties in key cities in Germany, France, Italy and Spain.β
To read the digital edition of the latest ΒιΆΉΣ³» Real Assets magazine click here.
