German investment specialist Deutsche Asset One has announced the acquisition of 715 residential and commercial units worth over €300 mln from Meag. The properties, located exclusively in the city and district of Munich, will become part of various institutional open-ended real estate funds of Union Investment.
‘Thanks to our very good local market access throughout Germany, we can also acquire suitable properties in good condition for our clients in particularly sought-after regions, such as Munich and the surrounding area,’ says Thilo von Stechow, managing partner at Deutsche Asset One. ‘We are pursuing a long-term and sustainable strategy with all our properties. The careful and cautious treatment of tenants and property maintenance for a quality of life throughout the city are becoming increasingly important in transactions in the residential sector.’
Deutsche Asset One is planning to invest roughly €500 mln this year.
Bernhard Kraus, managing director of Union Investment Institutional, adds: ‘The purchases made for institutional real estate funds in proprietary investments for our cooperative banks once again prove the expertise of Deutsche Asset One in the nationwide residential market. We look forward to expanding our partnership further.’
The seller was advised by BNP Paribas Real Estate; Deutsche Asset One was advised by Noerr LLP and Drees & Sommer.