AXA Real Estate confirms Elisenhof acquisition in Munich

AXA Real Estate Investment Managers has confirmed the acquisition of Elisenhof, a mixed-use, multi-tenant property in the city centre of Munich, from Tishman Speyer.

Press reports earlier this month indicated that the French insurance giant was acquiring the 46,000 m2 complex for between €220-230 mln.

AXA did not disclose the price of the deal.

Tishman Speyer acquired the building in 2006 from the Schörghuber group for a price then rumoured to be around €150 mln. The asset was redeveloped and then refinanced last year with a €124 mln loan from Helaba.

Located in the popular district of Maxvorstadt in downtown Munich, Elisenhof was built in 1984 and consists of 30,900 m2 of office space, 13,400 m2 of retail and 1,900 m2 of storage space. Elisenhof’s basement, offering 395 parking spaces, is directly connected to both the underground level of the Bahnhofplatz and the main train station.

'The acquisition of Elisenhof is demonstrative of our ability to source high quality assets in prime locations within the German market to create value for our investors and business partners,' said Matthias Leube, managing director of AXA Investment Managers Deutschland.