AXA completes on €32m mixed-use asset in central Munich

AXA Real Estate has completed the purchase of an office and retail building in Munich’s central business district from Deka Immobilien.

The amount paid for the Twenty 8 building was not disclosed, but the property was recently valued at €32 mln.

The core asset contains a lettable area of 4,864 m2 including around 560 m2 of retail space, as well as 82 parking spaces.

The Twenty 8 building at Oberanger 28 was built in 1966 and refurbished in 2001, and is currently fully let, with tenants including local financial services firm MLP and Mongo’s Restaurant.

Matthias Leube, managing director of AXA Investment Managers Deutschland specialising in real estate, said: 'The acquisition demonstrates our ability to identify and acquire core-properties in one of the most competitive cities in Germany for attractive returns.'