The asset management arm of insurer Swiss Life has purchased a multi-tenant mixed-use building in Munich from local investor Hammer for €31 mln.
The deal represents the first acquisition for Swiss Life Asset Managers' new open-ended public property fund 'Swiss Life Living + Working'. The 8,000 m2 property Atros is located at Lindberghstraße 3, in Munich’s Schwabing district. It is leased long-term to a number of automotive companies and includes offices and showrooms.
'The first property earmarked for our Swiss Life Living + Working fund underlines the new investment strategy with its innovative types of use. The property’s return far exceeds the returns of pure office buildings in the city centre area. This investment has allowed us to make an excellent start to our fund,' commented Kevin Julian Fuhr, head of portfolio management and public funds strategy at Swiss Life KVG.
The buyer was represented by the legal firm Beiten Burkhardt. The seller was represented by Colliers International, GSK Stockmann & Kollegen and by Drees & Sommer.