Allianz Real Estate is expanding its core office strategy in Europe by acquiring the Atlas office building, from German-based Art-Invest Real Estate, for €190m.
The real estate investment arm of the German insurer Allianz, has bought the 26,000sqm emerging office cluster Werksviertel within the Mittlerer Ring in Munich in a forward deal.
The Atlas office building comprises a 14-storey tower, which is currently undergoing refurbishment and is expected to be completed in the second quarter of 2019 when the closing of the deal takes place.
Allianz Real Estate said around 92% of total space is already pre-leased to three tenants.
Annette Kröger, the CEO of Allianz Real Estate in North and Central Europe, said: “The Atlas deal underlines our strategy to expand our office portfolio in prime locations in Tier 1 European cities.
“To date, Allianz Real Estate has not invested in this district and, as such, this acquisition delivers compelling diversification benefits to Allianz’s office portfolio in Munich.”