Allianz has announced the acquisition of Isartor City in Munich for €120m, shortly after Deka Immobilien revealed it had bought the city’s ‘Theresie’ complex for €257m.

Isasrtor City, consisting of shops, restaurants, cinemas and offices in Munich’s old city, was sold by a fund managed by UBS Real Estate.

The six buildings that make up Theresie were sold by Canadian investor Ivanhoé Cambridge.

Isartor City, built in 1994 and renovated in 2011, is fully let and houses 10,000sqm of offices, 8,000sqm of retail space and a 3,4000sqm multiplex cinema.

The Theresie complex, constructed in 2003, includes 70,000sqm of offices, 6,000sqm of retail space, 5,000sqm of residential property and 4,000sqm of storage space.

Stefan Brendgen, CEO of Allianz Real Estate Germany, said Isartor City was “in a prime location on the hotly contested Munich market”.

He added: “One encouraging fact is that, in addition to the cinema and office space, we have been able to invest in retail space again.”