Barings Real Estate, part of Barings, has purchased an office in the south of Munich from two private investors.
Financial details were not disclosed.
'This property exactly matches our approach of investing in locations and properties with potential. By applying active management, we can generate sustainable value growth for our investors,' commented Christoph Wittkop, managing director and country head of Germany for Barings Real Estate.
The Office building Perchtinger Strasse 8-10, in the Obersendling district of Munich, was acquired in an off-market transaction, at the same time as the conclusion of a long-term anchor lease to Music Support Group (MSG) and the Akademie Deutsche Pop.
The building provides a lettable area of over 10,000 m2, about 3,000 m2 of which will be occupied for the long term, by MSG as its head office and by the Akademie Deutsche Pop as teaching rooms. There are 137 parking spaces in the two-level underground car park.
'This transaction marks the first investment for Barings’ European value add strategy in the important German market,' said Gunther Deutsch, managing director and head of investment transactions Europe at Barings Real Estate.
'We have already invested in a retail property in Finland, an office building in Milan and in a logistics forward funding transaction in France. Our objective continues to be the acquisition of value-add properties in the office, retail and logistics sectors in Europe,' concluded Deutsch.
DLA Piper provided legal advice to Barings, taxation advice was by Deloitte.
