AXA Investment Managers – Real Assets has completed the acquisition of an office building in Munich for an unnamed US pension fund client.
Financial details were not disclosed.
Located on the corner of St Martin-Str and Balanstr, the complex comprises two separate buildings – Martin I & II – totalling over 22,000 m2, with a shared ground floor and 368 parking spaces.
Martin I comprises 10,400 m2 on six floors and is fully let to a public authority tenant on a long term lease. Martin II has nine floors, totalling 11,720 m2 and is currently let until the end of 2017 to a global electronics manufacturer.
The asset is set to be refurbished and is located in an area that is undergoing significant regeneration, close to Munich’s second-largest railway station, München Ost.
AXA IM - Real Assets’ existing portfolio of Munich assets include the 4,860 m2 Twenty 8 office building which is currently undergoing a refurbishment and the mixed-use, multi-tenant Elisenhof office complex, all located in the city centre.
Matthias Leube, regional head of Asset Management & Transactions at AXA IM - Real Assets in Germany, commented: ‘This acquisition forms part of our strategy to acquire assets for refurbishment and plots for ground up development in prime locations within Germany. The commercial real-estate market in Munich has, along with other German key markets, shown an increasing level of attraction to global institutional investors. We expect this trend to continue and to further enable AXA IM - Real Assets to extract significant value, also from this specific building.’
