Henderson Park and funds managed by Swiss Life Asset Managers have acquired the Kustermann Park office complex in Munich for €400m.
Kustermann Park totals 74,000sqm of fully-leased office space across two buildings and 889 parking spaces.
In a joint statement, the companies said Henderson Park will buy Rockwell Haus, a 42,000sqm building and Swiss Life AM will acquire the 32,000sqm Brinell Haus property.
Nick Weber, Founding Partner of Henderson Park, said: “Structuring this transaction alongside Swiss Life AM allowed us to present a compelling offer to the vendor while enabling us to invest in a well-located office building in Munich.
“Rockwell Haus offers both the opportunity for active asset management, by taking on the refurbishment and through leasing up vacant space, as well as high-quality long-term income from the pre-leases that have already been agreed.”
Maureen Mahr von Staszewski, senior pan-European fund manager at Swiss Life Asset Managers, said given low vacancy rates, it can be difficult for investors to gain exposure to the Munich office market.
“Therefore, we are delighted to have had the opportunity to work with Henderson Park on this deal.
”This transaction supports our strategy to invest in core European locations where we believe we can offer investors attractive long-term returns in the current low-interest-rate environment.”