Munich-headquartered Catella Real Estate has acquired the 2,800 m2 fully rented office building Dürrstrasse 1 in Munich Moosach for the open-ended real estate fund Catella Bavaria as part of an asset deal.
Financial details were not disclosed.
The office building Dürrstrasse 1 is located in the Moosach district in the north of Munich. In the basement and ground floor of the office building, which was built in 1984 and increased by one floor in 2020, there are around 500 m2 of multifunctional and 700 m2 of storage space, and around 1,600 m2 of office space on the first to third floors.
Due to the flexible space layout, rental of up to four rental units is possible. The property is currently fully let, including to the owner-managed software service provider Kolb digital.
In the course of the expansion in 2020, the property was extensively renovated. In addition to the entrance area including the elevator system to access the upper office floors, the external sun protection was also renewed.
Fund manager Fabian Pick said: 'On the Munich market, there is currently high demand combined with a shortage of space and rising property prices. The property fits perfectly strategically into our portfolio and further increases the degree of diversification of the “Catella Bavaria” fund.'
The legal due diligence was carried out by Glock, Liphart, Probst & Partner, and tax matters by WTS. Brand Berger provided technical support for the transaction. The seller was advised by BNP Paribas Real Estate.
