MUNICH 23 September 2020 – CBRE Global Investors, on behalf of one of its pan-European funds, has acquired an office building in central Munich.
The property, located in close proximity to Munich’s CBD and main railway and central bus stations, offers around 18,000 sqm of GLA and is fully let to a diversified tenant base.
This prime asset 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 is a leading investor in offices, with a total AUM of €8.3 billion* in EMEA This comprises a total of 990,000 sq m across 13 countries, including the United Kingdom, the Netherlands, Germany, Spain, Poland, Italy and France. The office sector platform executes a wide range of investment strategies from core to value add across the region.
CBRE Global Investors was advised on the transaction by Arcadis, CBRE and Linklaters. The seller was advised by Cushman & Wakefield and Hengeler Müller.
* As at 30 June 2020.
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About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $109.6 billion in assets under management* as of June 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.