Deutsche Asset and Wealth Management, formerly RREEF, has acquired a big-ticket office building in Munich.
Deutsche Asset and Wealth Management, formerly RREEF, has acquired a big-ticket office building in Munich.
The building in the Arnulfpark in Munich was purchased for €150 mln from the LaSalle German Income and Growth fund, managed by LaSalle Investment Management. The purchase was conducted on behalf of the open-ended real estate fund grundbesitz europa.
The LEED gold-certified building was completed in 2011 and offers more than 31,000 m2 of office space. It is fully occupied.
Grundbesitz europa currently has a volume of €3.8 bn. The purchase of the Metris building takes the number of properties in its portfolio to 45 and increases the share of investments in German real estate by 3.7% to a total 20.2%.
