Amundi acquires new office block in Munich for €200m

French institutional investor Amundi has bought a 49,500 m2 office building in Munich from the developer for a reported €200 mln.

The 88north property was built by a joint venture of two companies based in the Bavarian capital, project developer Hammer and Competo Capital Partners.

The building in Munich’s Olympia Park was designed by Iranian-born architect Hadi Teherani and is 85% let. Tenants include consultancies, IT companies, legal and accounting firms and media agencies, as well as a high-end fitness centre and restaurant.

Both parties agreed not to disclose the purchase price, but German news service Thomas Daily quoted a value of just over €200 mln, based on market sources. The developers invested €180 mln in the project, which was sold as part of a share deal.

Amundi Real Estate acquired the asset through its public OPCI fund and was advised by L’Etoile Properties, which will take over the property management, and Clifford Chance. JLL acted for the seller.