A real estate deal involving “one of the largest portfolios to change hands in Munich last year” has now been closed, according to law firm Luther.
The firm had advised a group of four Versorgungswerke on selling 10 properties, with 63,000sqm rental space in total, in the city of Munich.
The portfolio, consisting mainly of offices and retail spaces, was sold to the LBBW group for an undisclosed sum, according to Luther and law firm DLA Piper, which advised LBBW.
The group of pension funds consisted of doctors’ funds in the German provinces of Niedersachsen, Sachsen Anhalt and Mecklenburg Vorpommern, as well as the pension fund for veterinarians in Niedersachsen.
According to Luther, LBBW won a bidding process against “other international investors”.