Allianz Real Estate has acquired the mixed-use Isartor City property in the centre of Munich from UBS Real Estate for €120 mln.
Allianz Real Estate has acquired the mixed-use Isartor City property in the centre of Munich from UBS Real Estate for €120 mln.
The complex comprises a total lettable area of 22,500 m2, divided between offices (10,000 m2), retail (8,600 m2) and a cinema (3,400 m2).
The anchor office tenants are Cinemaxx, which operates the cinema, and law firm Taylor Wessing. The retail space is let to outdoor equipment specialist Globetrotter.
CBRE advised UBS on the transaction. Allianz Real Estate was advised by Clifford Chance.
UBS Real Estate, the German property investment arm of the Swiss banking group, bought the property from Luxembourg-based Urbis Property Holding in 2011 on behalf of its European Mega Core Property Fund. Helaba provided financing for the deal.
