Fund manager Europa Capital and German developer Bayern Projekt are investing in a Munich office asset.
The joint venture plans to refurbish the building after it is vacated by its tenant next year.
The 42,000sqm office building is currently occupied by Telefónica Germany.
Nic Fox, partner and head of middle Europe at Europa Capital, said: “New supply is severely constrained in Munich and we will be delivering, post refurbishment, a high quality, sustainable product, adapted for multi-occupancy.”
Sven Renz, managing partner of Bayern Projekt, said the asset has an efficient layout for a multi-tenant conversion.
Europa Capital last year invested in a portfolio of office and residential property assets in Denmark.
The investment manager, in a joint venture with Danish asset manager Keystone Investment Management, paid €178m for the portfolio in Copenhagen’s Valby district.