German insurer Allianz Real Estate has purchased an office development in Munich from Frankfurt-based developer OFB Projektentwicklungs for an undisclosed sum.
The office scheme, Kap West, was purchased on behalf of various Allianz companies. OFB is expected to complete construction of the 42,000 m2 building by the summer of 2019 to a LEED Gold standard.
'The investment follows our strategy to expand the office portfolio of Allianz in metropolitan areas with high economic growth and also regarding structured transactions with developers,' commented Annette Kröger, CEO of Allianz Real Estate Germany. 'We are pleased to be able to acquire this high-end building from such an experienced project developer as OFB.'
Kap West will comprise two towers plus a semi-basement, of which 85% will represent office space. There will also be retail, restaurants and a fitness centre, plus 356 basement car parking spaces and 200 bicyle racks.
Located in Munich's emerging sub-market Hirschgarten, the office benefits from an S-Bahn stop.
