European offices are back on investors’ agendas with a number of assets transacting this week as buyers’ and vendors’ pricing expectations edge closer.

In Munich, the property arm of Italian insurer Generali has emerged as the buyer of the Momenturm project expected for delivery in 2028 for a price said to be around €150m. Generali Deutschland will consolidate its Munich and Augsburg offices into a new group headquarters on the site in Munich’s Werksviertel district. 

Lukas Jeckel, head of central northern Europe at Generali Real Estate, said: “This first-class office property complements our real estate portfolio in Germany and in Munich in particular. The state-of-the-art office space meets our requirements for new and innovative working environments as well as our sustainability standards.”

Similarly, occupiers have been acquiring offices for their own use in The Hague and in Brussels. In the Dutch capital, the Dutch Central Government Real Estate Agency acquired a 41,000sqm centrally-located asset from the Bouwinvest Dutch Institutional Office Fund for a price said to be €133m.

Bas Jochims, fund manager Dutch office and hotel investments at Bouwinvest, said: “Transferring the building to a party that is closely familiar with it and can now take full control over its future is a logical step.” 

In Brussels, the Wallonia Export and Foreign Investment Agency and Wallonie-Bruxelles International took ownership of the Sainctelette Square 2 office complex which they have occupied for nearly three decades.

London (36 Queen Street), Warsaw (Nefryt and Topaz) and Hamburg (Atlantic Haus) also saw major office trades this week, with the Israeli investor Gold Tree inking its largest single asset acquisition in the German market to date.

In the financing section, landlords British Land and GIC secured a massive £450m (€520.7m) five-year green loan for 1 Broadgate in London, following practical completion of the development in July. The offices are 96% pre-let to A&O Shearman and JLL.  

Recently completed deals       
Asset Asset type Location Buyer Vendor Size Price (mln) Key facts
Momenturm project at Rosenheimer Straße139 office Munich Generali Real Estate Art-Invest 28,000m2 €150 Generali Deutschland will consolidate its Munich and Augsburg offices into a new group headquarters on the site in Munich’s Werksviertel district.
Centre Court office The Hague Rijksvastgoedbedrijf Bouwinvest Office Fund 41,000m2 €133.5 The RVB was the building’s largest tenant.
17 multi-let industrial assets logistics UK Chancerygate Legal&General IM 626,000sqft £115 (€133) The Gigha portfolio is around 90% occupied.
logistics asset logistics Sant’Antonino, Switzerland Deka Immobilien NA 50,000m2 €80 The distribution centre is fully let on a long-term lease to GXO Logistics Switzerland S.A.G.L.
aged care home portfolio living Denmark Northern Horizon AP Ejendomme 182 beds €67 (DKK500) Northern Horizon is acquiring the portfolio in Denmark through its fifth care home fund, the Aged Care and Social Infrastructure Fund.
two data centres alternative Dublin Equinix BT 150,000sqft €59 The Irish antitrust authority has cleared the way for Equinix Ireland to acquire BT’s Irish data centre operations – BT Datacentres Ireland.
36 Queen Street office London Grupo Metropolis M&G 46,000sqft £44 (€51) The asset is leased to Gray’s Inn Tax Chambers, Veracode, bFinance UK and United Bank for Africa.
Txingudi de Irún and Las Huertas retail Spain NA Helios RE 17,000m2 €40 The two assets offer a total of 60 shops.
elderly care home living Falun, Sweden Northern Horizon Skanska 6,600m2 €30 (SEK330) The elderly care home is expected to be ready for occupancy in the autumn of 2027.
light industrial portfolio logistics Helsinki, Espoo and Vantaa, Finland Slättö NA NA NA The properties were acquired for the firm’s logistics and industrial platform Evolv.
262-unit multifamily housing project living Stockholm CapMan Real Estate Reliwe 12,119m2 NA CapMan will forward fund the development via its third value-add fund CapMan Nordic Real Estate III.
Atlantic Haus office Hamburg Gold Tree Nuveen 31,800m2 NA This is the Israeli investor’s largest single acquisition in the German market to date.
Nefryt and Topaz office Warsaw Resolution Capital Management, UK fund RREEF Investment’s grundbesitz europa fund 28,000m2 NA The two assets last traded in 2010 for €80m.
logistics asset logistics Kaarst, Germany Crossbay Deka Immobilien 13,887m2 NA Built in 2002, the asset is fully let.
Sainctelette Square 2 office Brussels AWEX and WBI Immobel 12,000m2 NA The buyers exercised their purchase option after leasing the building for 27 years.
Idis Edinbourgh Centre South Bridge hotel Edinbourgh Essendi NA 259 rooms NA Essendi already owned the business operations.

 

Assets on the market       
Asset Asset type Location Vendor Size Price (mln) Broker Key facts
former Central Hotel hotel Dublin Deutsche Finance International and BCP Capital 129 rooms €100 JLL and Eastdil The site is being renovated as a Hoxton hotel brand, due to open later this year.

 

Recently completed loans    
Lender(s) Borrower(s) Asset(s) Loan Size (mln) Key facts
Two unnamed banks British Land and GIC 1 Broadgate in London £450 (€522) The 5-year green loan follows practical completion of the development in July, where the offices are 96% pre-let to A&O Shearman and JLL.
Bond investors TAG Immobilien Unsecured €300 The fixed-rate bond has a term of 6.5 years and a coupon of 3.625% p.a.
Aareal Bank Nido 3,000 Iberian student housing assets €210 The portfolio comprises 3,000 beds across Madrid, Seville, Valencia, Lisbon and Porto.
Bond investors Zug Estates Unsecured CHF100 (€107) The Swiss firm is looking to refinancing its sustainable projects.
Secure Trust Bank Castleforge 12 apartment blocks £37 (€43) The loan refinances the assets which comprise 602 flats and 798 beds.
Bank Pekao Stokado Ongoing projects in Krakow and Warsaw €19 (PLN80) The company plans to start the development of three more projects this year.

 

New mandates/JVs and funds on the market   
Firm Fund/mandate/JV Strategy Details
Värde Partners Vía Célere platform Investing in the Spanish residential sector. Värde Partners has raised a new fund with approximately €450m in capital to extend its investment in Vía Célere.
      Cross Ocean Partners Management has invested €140m in the fund and CBRE IM has committed €300m.
Teacher Retirement System of Texas and Brunswick Real Estate Enreal Investing in last-mile and light industrial properties in Sweden The new company has been seeded with a portfolio of 10 assets encompassing 20,000m2 of leasable area.
Equitix, Aware Super, UK’s NWF Eelpower Energy Building and operating UK battery storage assets NWF is providing up to £200m and Aware Super is contributing a significant portion of the remaining £300m which have been made available for investment.

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