Germany's Adler Real Estate and AIG Global Real Estate Investment, the property arm of the American International Group, have jointly acquired a portfolio of four office properties in Munich. The buildings have a net lettable area of around 35,000 m2, and the value of the transaction amounts to about EUR 58 mln. The investment is made by a joint venture in which an AIG Global Real Estate affiliate holds 85% and Adler holds 15%.
Germany's Adler Real Estate and AIG Global Real Estate Investment, the property arm of the American International Group, have jointly acquired a portfolio of four office properties in Munich. The buildings have a net lettable area of around 35,000 m2, and the value of the transaction amounts to about EUR 58 mln. The investment is made by a joint venture in which an AIG Global Real Estate affiliate holds 85% and Adler holds 15%.
Adler partnered with AIG in a similar joint venture construction in the EUR 60 mln acquisition of the Luxembourg Airport Center office building last December, when AIG's share was 90% and Adler the balance. Adler is acting as the asset manager for both portfolios. They also partnered with THG Real Estate earlier this year when they invested EUR 40 mln in a logistics development in Duisburg, northern Germany.
