German asset manager KanAm Grund Group has purchased an office in Munich East for its Leading Cities Invest fund (LCI) from a European family office represented by Stargime Germany.
Financial details were not disclosed.
The 17-tenant-property, located at Kastenbauerstrasse in the city's Bogenhausen-Zamdorf district, comprises some 22,400 m2 of space. The office was upgraded in 2017, and has undergone further refurbishment work over the last two years, including the conversion of its flat roof into a partially green roof.
The tenants include Instrument Systems, a subsidiary of Konica Minolta, and Verizon Germany. The office complex, which was originally built in 1993, is laid out in a main wing with side wings radiating from it and spreads out over two to five levels above ground.
According to KanAm, the deal was agreed at the end of 2019, adding to the fund's successful year. LCI closed 2019 with an 114% increase year-on-year of assets, creating a fund volume of nearly €600 mln. Some €250 mln of new investment capital contributed to 14 transactions over the year, including 12 acquisitions and two sales.
The deal was brokered by Jones Lang Lasalle.