The transfer of ownership is planned to take place before summer.

Located along Sonnenstrasse, the boulevard along Munich's old town, the asset provides 4,500 m2 of space and will be completely refurbished to offer a product of the latest environmental standards.

FOM Real Estate, the operating partner in the deal, will be responsible for the refurbishment and asset management of the asset.

This is the first direct transaction in Germany for CDC Investissement Immobilier, whose international investment strategy focuses on the German “top 7”, London and the other major cities of Western Europe.

Arnaud Taverne, CEO of CDC Investissement Immobilier, the property asset management subsidiary of French financial institution Caisse des Dépôts, said: ‘We are pleased to carry out this first transaction in Germany. We have done there an extensive work over the last few years, in a highly competitive environment, allowing us to seize this opportunity after a rapid readjustment of the German market as interest rates rose and funding dried up. We intend to take advantage of this more favourablee nvironment for long-term full equity investors to develop our German portfolio with further transactions.”

Lucas Mignot, head of International Investments at CDC Investissement Immobilier, added: ‘We are looking forward, together with our local operating partner Fom Real Estate, to deploying our build-to-core strategy and creating an asset with the latest standards, specifications which, coupled with a central location and ideal transport links, will make it a very attractive product in the market.’

Fom Invest, a company of the Fom Real Estate Group and the Brawo Group, is a fully licensed AIF capital management company (KVG) in accordance with the KAGB. Since 2020, FOM Invest has already launched three investment funds with a total volume of over €300 mln.