Castlelake, NAI Apollo buy Munich office park

A fund managed by US-based investor Castlelake has teamed up with NAI Apollo to purchase an office park in Munich for an undisclosed amount.

The property, which was formerly financed by a bank consortium, was acquired out of an insolvency proceeding.

NAI apollo group will be responsible for the asset and property management.

Built by ABG Group in 2002, the office park is located near the Munich Conference Centre and comprises three buildings of 10,000 m2 office space each and 712 parking spaces.

Some of the buildings are leased, and the vacant space will be offered to new tenants after renovation work has been completed, said Oliver Gilles, managing director of NAI apollo asset management.

Castlelake, previously TPG Credit Management, is an institutional investment company focusing on alternative opportunities. Founded by Rory O’Neill in 2005, Castlelake currently manages several funds with a total volume of $2.4 bn and has offices in Minneapolis, Minnesota and London.