Credit Suisse Asset Management Global Real Estate has announced the purchase of a 45,000 m2 building complex in Munich, directly adjacent to the main railway station.
Built in 1992, the so-called Correo Quartier mixed-use property is being sold for €275 mln, according to German news source Thomas Daily.
The seller is Postbank, which is also a major tenant in the building and will continue to occupy the asset until development work begins next year.
The ground floor of the building currently houses shops and restaurants while the floors above are used as offices. The building complex also provides around 500 car parking spaces.
Credit Suisse said that it is evaluating several options for the future use of the building.
'The location directly adjacent to the main station together with the dimensions of the property offer enormous potential, which is supported by the positive market development in Germany, especially in this micro-location of Munich. Postbank's re-leasing for a limited period of time is optimal for us. This enables us to carefully plan and prepare the implementation of our restructuring and development concept,' said Christoph Schumacher, head of Global Real Estate, Credit Suisse Asset Management.
BNP Paribas Real Estate brokered the deal.