Independent property and asset management group IC Immobilien has purchased an office building in Bavaria on behalf of a private investor from Munich-based real estate company Hammer.
Finincial details were not disclosed, but the total cost of the acquisition was in the tens of millions of euros, according to the firm.
'In terms of acquisitions, it is clear that investors increasingly trust our broad regional market expertise in Germany,' said Markus Reinert, chairman and CEO of IC Immobilien.
Indu15, a fully-let office building at Industriestrasse 15 in Germering near Munich, has a total rental area of around 7,000 m2.
'The property was acquired by Hammer in 2011 as part of a portfolio deal. Our two-phase business plan envisaged the demolition of an old warehouse on the site, followed by the development of a modern office building,' said Vladislav Georgiev, managing director project development with Hammer. 'The new office space was already fully let when construction got underway.'
IC Immobilien has also been appointed to provide property and asset management services. The property is fully let and consists of two sections: a new building, which was developed by Hammer in 2012, and an older building, which was constructed in 1983 and extensively refurbished in 2009.
Hammer was advised by Colliers International.