German property firm Art-Invest Real Estate has agreed to acquire the SZ Tower located on Hultschiner Strasse 8 in Munich from landlords Norges Bank Real Estate Management and AXA France for €244 mln.
The agreement was signed on 20 February 2018, with completion expected within the next two months.
In a statement, Norges Bank Real Estate Management said that it will receive €122.1 mln for its 50% ownership interest.
The 62,200 m2 office scheme was acquired by the two partners in November 2013 from German REIT Prime Office for €164 mln.
SZ Tower is a 62,200 m2, 28-storey, prime office building in Munich which is fully let to, and serves as the headquarters of a German publishing group.
The acquisition comes hard on the heels of Art-Invest's purchase of the Maritim hotel in Cologne for €120 mln.
