Domestic and international investment managers have unleashed a wave of major office-led transactions in the southern German city of Munich since the start of the year.
PropertyEU Research tracked five deals of well above €100 mln in the Bavarian capital during the first two months of 2018. The five deals had an aggregate volume of over €1.1 bn.
German firms were the buyers in three of them. The other two assets, Correo Quartier and Main Airport Center, went to Zurich-based Credit Suisse Asset Management and Singapore’s CapitaLand. These were the largest Munich deals of the period (€275 mln and €245 mln).
The real estate arm of German insurer Allianz is acquiring the 26,000 m2 Atlas office refurbishment project in the Werksviertel office cluster. Allianz Real Estate announced in February it had agreed a €190 mln forward-purchase deal with Germany firm Art-Invest.
The day before Art-Invest agreed to purchase the 62,200 m2 SZ Tower from Norges Bank Real Estate Management and AXA France. The price tag of €244 mln reflected a huge value increase on the €164 mln paid by the Norwegian-AXA JV in 2013.
The fifth big-ticket deal involved GEG – owned by DIC Asset and KKR – buying Junges Quartier Obersendling campus for €170 mln.
And in January, German bank Pbb provided a €75 mln loan to Austria’s CA Immo for the construction of Neo, a residential, office and hotel complex, in Munich.
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