Global real estate investor Patrizia has acquired a landmark mixed-use, multi-tenanted building in Munich, Germany, from Rock Capital Group (RCG), on behalf of its institutional clients.
Financial details were not disclosed but the price is believed to be €76 mln.
Lenbachplatz 6 is a 3,053 m2 listed building, built in 1904 by German architect Emanuel von Seidl.
The 2,100 m2 of office space across five floors is fully let to international law firm Orrick, Herrington and Sutcliffe, while the ground floor retail provision is let to Calligaris, the luxury furniture store. The asset has a weighted average lease term of 10 years.
Daniel Dreyer, head of transactions Dach at Patrizia, commented: 'With the investment in Lenbachplatz we have acquired an important piece of Munich’s history and a trophy asset in the city centre.
'This investment aligns with our strategy of purchasing high quality Core assets in sustainable locations that deliver reliable, long term income to our managed portfolio.
'The property also increases our exposure to one of the strongest real estate markets in Germany and we continue to look for further investment opportunities that meet our Core criteria for this strategy.'
A refurbishment of the property was undertaken in 2019, which included modernising the building’s facilitates, as well as installing new windows and renovating the roof to maximise energy efficiency. Patrizia said it aimed to secure Breeam certification for the asset to track its sustainability performance going forward.
Situated in the borough of Altstadt-Lehel, the building is located five minutes’ walk from Munich Central Station.
The transaction was brokered by Cushman & Wakefield, with legal counsel from Clifford.