US investment manager Angelo Gordon has partnered with real estate developer Accumulata, Schmülling Beteiligung and L-REA to buy a building complex in Germany.
In December last year, Israeli investor Gazit-Globe said it had agreed to sell Motorama Ladenstadt in Munich for €87m without disclosing details of the buyer.
The sale of Gazit-Globe’s only German property is in line with the company’s plan to dispose of non-core assets and to focus on specific major cities around the world, and to further strengthen the company’s capital structure and liquidity, Gazit-Globe said at the time.
Gazit-Globe acquired the 24,000sqm mixed-use property in 2008 for €41.6m.
Munich-based Accumulata has now confirmed the acquisition of the building complex at Rosenheimer Strasse 30 with its joint venture partners, with a plan to reposition the asset.
Markus Diegelmann, managing partner of Accumulate Real Estate, said: “With the redevelopment of the Motorama Ladenstadt, we want to create a modern, flexible and mixed-use building that also matches our high expectations on sustainability.”
Marcel Hertig, director at Angelo Gordon, said: “We are looking forward to our first investment in the Munich real estate market and see the great potential of the property.
“The central downtown location and the size of the building complex qualify the Motorama for many different uses.”
Kord Schmülling, managing director of Schmülling Beteiligung, said: “Due to the targeted configuration of the joint venture, our team not only has a high level of local expertise but also interdisciplinary specialists. This equips us perfectly for the upcoming repositioning.”
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