German investor-developer Art-Invest has acquired an office property in Munich for a reported outlay of €75 mln.
The two buildings, known as the Gleko-Häuser, are located on Rosenheimer Straße and Hohenlinder Straße and have about 9,000 m2 of office space each, plus a parking lot of around 2,000 m2. Both buildings are suitable for small-scale rental and have a diversified tenant structure.
The vendor was Gleko Wohnbau GmbH. The parties agreed not to disclose the purchase price.
Art-Invest has been training its sights on the east side of Munich, with other recent investments including Die Macherei and the SZ Tower. The latter was acquired in February 2018 from Norges Bank and AXA France for €244 mln, a considerable increase on the €164 mln the previous owners paid for it in 2013.
Tobias Wilhelm, head of the Munich branch of Art-Invest, said: 'With the acquisition of the portfolio, we were able to secure two existing properties with potential in one of the most dynamic neighbourhoods in Munich.'
Based in Cologne, Art-Invest was founded in 2010 by its managing partners and the Tech Group and manages 18 investment funds for institutional investors, with around €6 bn of assets under management. The company is one of the largest project developers of offices and hotels in Germany.
