JP Morgan and LGT acquire German office portfolio

A fund managed by JP Morgan Asset Management and LGT Capital Invest have purchased a portfolio of four office buildings in Germany.

The transaction volume was not disclosed, but German media reports suggest a price of €230 mln.

The assets are located in the Greater Munich area (two assets), Cologne and Düsseldorf.

Completed between 2000 and 2003, the properties have a total area of around 100,000 m2 and are almost fully let. The portfolio is characterised by a well-diversified multi-tenant structure consisting predominantly of brand-name enterprises from a range of industries.

Asset manager publity supported the sale.

DLA Piper and NAI Apollo advised the purchasers. JP Morgan Asset Management and LGT Capital Invest were advised by Hengeler Mueller and Ernst & Young, and LGT Capital Partners were advised by Gleiss Lutz.


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