BMO Real Estate Partners Germany has acquired Neo Living, a residential asset in Munich, Germany, from Vienna-listed CA Immo.
Financial details were not disclosed.
The asset, located in the Baumkirchen Mitte quarter of the the city, comprises around 5,200 m2 of usable space. It was completed in September 2020 and features 50 rental apartments and three commercial units.
BMO Real Estate Partners Germany said the deal allowed the firm to further expand the portfolio of its special real estate alternative investment fund, Best Value Wohnen II, which was launched in October 2019. Like its predecessor, the fund concentrates on sustainable properties with residential and mixed-use concepts.
Iris Schöberl, managing director Germany and head of institutional clients at BMO Real Estate Partners Germany said: 'We are very pleased to have secured a high-quality property in the Munich metropolis for our real estate special fund with Neo Living. As a final building block of the Baumkirchen Mitte quarter, the property is impressive with its architecture, well thought-out floor plans, common areas such as generous lobby areas on the ground floor and a green and accessible roof terrace with a view of the Alps.'
Christof Altendorfer, managing director of CA Immo Deutschland and head of investment Germany, said: 'The sale of Neo Living represents the successful conclusion of this project development in the Baumkirchen Mitte quarter and is in line with our strategic focus on office properties.'
The scheme is part of the Neo building ensemble developed by CA Immo, which includes a hotel and office tower in addition to the residential area. It was designed by Amsterdam-based architectural firm UNStudio.
The office and hotel tower is also nearing completion. The first six storeys of the tower were handed over to the leaseholder Tristar in mid-August, which will operate a 143-room Hampton by Hilton hotel here. The upper floors of the tower feature 8,900 m2 of office space.
