Ardian Real Estate has inked its first deal for its new Ardian Real Estate Europe Fund (AREEF), purchasing an office and business complex in Munich from publity AG.
Ardian said the deal was in line with its investment strategy for the fund, which is targeting significant office and mixed-used assets worth more than €100 mln on average, in the core-plus and value added segments.
'This is Ardian Real Estate’s first investment, and so it is a significant moment. We completed this deal just three months after entering this segment in the German market, which is a great achievement,' commented Bertrand Julien-Laferrière, head of Ardian Real Estate. 'The office complex fits in perfectly with our investment strategy, which targets high-potential office real estate in the major cities of Europe’s core markets, and seeks to significantly enhance rental income through active asset management.'
The asset, structured around the listed Wappenhalle building, comprises 33,700 m2 of office space, 1,200 m2 of warehousing and 544 parking spaces. It currently has 24 tenants.
'Munich is one of Europe’s most interesting real estate investment locations. The increasing number of companies setting up in the region serves to create strong long-term demand for commercial real estate in what is already a fiercely competitive market,' said Bernd Haggenmüller, Ardian's managing director.
NAI apollo acted as agent. Ardian was provided with legal advice by Herbert Smith Freehills, and publity AG was advised by CMS Hasche Sigle.
