The BlackRock Eurozone Core Property Fund has bought a newly completed office building known as Streitfeldlofts in the growing mixed-use area of Berg am Laim in Munich.
The off-market transaction was closed with developers Binneberg Real Estate and Sacher Real Estate for an undisclosed amount, but local reports put the price at €75 mln.
The freehold office development provides 8,360 m2 in Berg am Laim next to Werksviertel and was completed in June 2020. The building has seen robust tenant interest and is already over 60% let to a mix of quality-credit tenants with an emphasis on the IT and professional services sector
The building has achieved a sustainable BREEAM “Very good” rating and is expected to achieve “Excellent” shortly.
‘We are delighted to be investing in such a high-quality, energy-efficient and flexible office building. Munich is a market with very strong fundamentals and high quality assets have continued to attract robust tenant interest. This latest acquisition further demonstrates our core investment strategy, which focuses on income, resilience and sustainability,’ said Ian Williamson, fund manager of the BlackRock Eurozone Core Property Fund.
Bjoern Rasche, head of Real Estate Acquisitions – Germany and Netherlands for BlackRock said: ‘The off-market purchase of Streitfeldlofts is another great addition to our existing German portfolio. Sustainable, quality office space in upcoming areas of Core markets remain in focus for our office strategy in Germany.’
The BlackRock Eurozone Core Property Fund was advised by Cushman and Wakefield.
