Global investment firm AEW has acquired New Eastside, a substantially pre-let office development in Munich, from local developer Optima-Aegidius Firmengruppe.
Financial details were not disclosed.
The asset, located in Berg am Laim to the east of Munich’s CBD, has been acquired on behalf of a private German mandate. Optima developed the former factory of the Hawe Hydraulik Werke together with Competo Capital Partners and IKR.
'We are very pleased to have secured this landmark development from one of Munich’s leading developers on behalf of our clients,' said Gereon Kohlgrüber, head of investment at AEW.
'Munich’s east comprises the city’s most sought-after submarket and, once completed, the asset perfectly matches our clients’ investment strategy,' Kohlgrüber added.
New Eastside is located at the intersection of Streitfeldstrasse and Neumarkter Strasse, and is already 70% pre-let to two tenants, Gruner + Jahr and adesso AG who have both signed long term lease agreements.
The property is currently under development and, when completed in Q4 2020, will comprise 21,000 m2 of modern office space with roof terraces, courtyards and an underground car park with 223 units. It is targeting a LEED Gold certification.
AEW was advised by Bryan Cave Leighton Paisner, JLL and Nova Ambiente.
GSK Stockmann, IKR and Colliers acted on behalf of the vendor.