Real estate investor and asset manager Conren Land has bought a landmark office building in the German city of Munich for more than €168m on behalf of Ferrado Inmuebles, Sandra Ortega’s real estate company.
The office complex, which is located in Munich’s Bogenhausen district, was bought from a company of Union Investment Real Estate, and offers approximately 21,300sqm of leasable space.
As part of a planned asset enhancement programme, Conren Land aims to upgrade the building, which is currently fully let to a number of corporate tenants, the company said in a statement.
Ferrado Inmuebles said it intended to hold the property as a long-term investment and further enhance it in line with the company’s quality and sustainability strategy.
Conren Land will be responsible for the property’s operational management and the implementation of the planned capital investment programme, it said, supporting the complex’s long-term development.
Ortega is the businesswoman daughter of the founder of Inditex, owner of the popular Zara retail chain. A billionaire in her own right, Ortega is the second-richest person in Spain after her father and is well known in the country for her philanthropy.
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