Allianz Real Estate has acquired the 33,000 m2 Medienfabrik office scheme in Munich. The vendor was fund manager Commerz Real.
Allianz Real Estate has acquired the 33,000 m2 Medienfabrik office scheme in Munich. The vendor was fund manager Commerz Real.
The parties agreed not to reveal the investment volume though German publication Thomas Daily cited market sources as saying it was about €90 mln.
Commerz Real held the property in the portfolio of its hausInvest open-ended real estate fund.
The complex, which includes buildings located at Theresienhöhe in downtown Munich, was added to the portfolio as a project development in 2007, and completed in 2010.
The tenants include technology firm National Instruments, pharmaceuticals company Daiichi-Sankyo, the auditing firm of Oppenhoff & Rädler, as well as a number of companies from the media and communication sector.
Roland Holschuh, Commerz Real board member said: 'There is still a significant demand for high-end office property in Munich. We were able to take advantage of this potential and to generate a positive result for hausInvest.'
HausInvest is one of Europe’s largest open-ended real estate funds. Its €9 bn portfolio comprises 116 properties in 17 different European countries.
