KanAm's Leading Cities Invest (LCI) fund has purchased the German administrative headquarters of global hotel group Accor in Munich for an undisclosed sum.
The asset, located in the Munich-Riem district, covers a rental space of around 7,600 m2 and is leased to Accor until 2021 with an option to extend.
The acquisition brings LCI's European investment locations to five - Hamburg, Frankfurt, Munich, Paris and Brussels.
KanAm's open-ended fund invests in a mix of retail, hotel, office, leisure and medical care assets.
LCI’s total portfolio was valued at €61 mln at end-2015, an increase of 3.3% on the previous year.
