Goldman Sachs acquires Munich asset from Officefirst

Global investment bank Goldman Sachs has acquired a prime office building in Munich from Blackstone's German asset management arm, Officefirst.

Financial details were not disclosed, but media reports place the deal around the €100 mln mark.

The office asset, dubbed Artemis, is located at Landsberger Strasse 155 in Munich, and was acquired by asset manager DW Real Estate on Goldman Sachs' behalf.

The 20,652 m2 office was developed by IVG, and sold to Blackstone in 2016 as part of the € 3.3 bn Officefirst business.

Blackstone has been disposing of the subsidiary's assets since 2017 into a strong investment market at profits ranging from 20-30%, according to sources close to the firm

Artemis was constructed in the year 2000 by local firm Bülow, and includes 281 parking spaces.

Colliers International and CBRE marketed the asset for the vendor.

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