London and Johannesburg-listed property investor Sirius Real Estate has acquired an office property in the Munich Airport district of Hallbergmoos from Imcon Immobilien Consulting, the latter acting on behalf of KCM Invest.
Financial details were not disclosed.
The 16,900 m2 property at Lilienthalstraße 25-29 currently has a vacancy of around 40%, following a partial repositioning by Imcon, according to local sources. Amongst its 28 tenants are the likes of Heinz von Heiden, Mentor Deutschland and Dorma Time + Access.
Sirius is understood to be contemplating transforming the asset, currently dubbed Leonardo, into its fourth branded First Choice Business Center, after launching another three in Essen, Neuss and Wiesbaden.
Savills brokered the off-market deal.
According to RCA data, South Africa-headquartered investors placed €4.3 bn overseas in 2018. All the cross-border investment for the year took place in Europe.