Coros, the German real estate manager formerly known as Commodus, has bought the Gustav-Heinemann-Ring 212 office building in Munich from Ardian.
Coros said the 16,000sqm asset, located in the Neuperlach district, was acquired for the Commodus Deutschland Fund II fund.
The property was built in 1990 and acquired by Ardian Real Estate in 2017. The office complex underwent modernisations in 2020 and 2021, Ardian said.
The property comprises office, restaurant, and medical practice space which Coros said it plans to modernise as well as upgrade ”through a specially developed environmental, social, and governance (ESG) concept – culminating in a corresponding ESG certification.”
“With the first purchase in the Bavarian capital, we are further advancing our target market strategy of acquiring existing, commercially used buildings in urban locations in Munich, as well as also in other European metropolitan areas,” the manager said.
Bernd Haggenmüller, a senior real estate managing director at Ardian, said: “Following our efforts to extensively modernise the property in 2020 and 2021 as well as significantly boosting the long-term occupancy rate, we have successfully repositioned the office complex under the name Gustav.
“The transaction underlines our team’s ability to identify high-potential properties even in a competitive market environment and to successfully develop their potential through active asset management. We will continue to focus our investment strategy on core-plus, value-add commercial properties in key cities in Germany, France, Italy and Spain.”
To read the digital edition of the latest IPE Real Assets magazine click here.
