A joint venture between Union Investment and Hansainvest has acquired a repositioned 38,000sqm office complex in Munich.
Union Investment said the Konrad office campus property was acquired from Ardian Real Estate for an undisclosed sum.
Union Investment bought the asset on behalf of the Urban Campus Nr 1 fund it jointly created with Investa Capital Management.
Ardian acquired the Wappenhalle asset just over three years ago. The asset was repositioned and renamed Konrad in September 2017.
Bernd Haggenmüller, senior managing director and responsible for the DACH region for Ardian Real Estate, said: “The building complex has been successfully repositioned and modernised. It has been significantly upgraded through targeted investments and has attractive unique selling points with the Wappenhalle and the associated combination of tradition and modernity.
”After reaching full long-term occupancy in 2019, this demonstrates that the measures have been very well received by both existing and prospective tenants.”