Union Investment JV swoops on Munich's Konrad

A joint venture between German fund manager Union Investment and Service KVG Hansainvest has acquired a heritage office campus in Munich from investment firm Ardian.

Financial details were not disclosed.

Known as Konrad, the 38,000 m2 site to the east of the city includes the listed Wappenhalle building, dating from 1939, and ten interconnected offices grouped around a central courtyard.

Union is buying 50% of the asset on behalf of the Urban Campus Nr. 1 special alternative investment fund, established jointly by Union Investment and Investa Capital Management (ICM). Joint venture partner Service KVG Hansainvest, taking the other 50%, administers LBBW Immobilien’s Germany Diversified Core+ special fund.

At the time of acquisition, the property had 30 tenants and an occupancy level of 98%. The asset also includes parking for 544 cars.

For Union, the deal marks the fifth acquisition for Urban Campus Nr. 1, following four single-asset deals in Fürth, Nuremberg, Constance and Mannheim. LBBW Immobilien’s Germany Diversified Core+ special fund holds seven other properties in addition to this joint venture.

Konrad is located in the Technologiepark West complex, which forms part of the regenerated Messestadt Riem district. Union Investment already owns the Riem Arcaden ensemble at the same location, which was completed in 2004 and most recently extended in 2018 to comprise 122,500 m2 of rental space.

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