German fund manager Commerz Real has sold the Highlight Towers in Munich to a joint venture between family-owned companies Imfarr Beteiligungs and SN Beteiligungs.
Financial details were not disclosed.
The two towers – planned by the architects Murphy/Jahn and completed in 2004 – have a height of 126 and 113 metres respectively.
With a leasable area of around 85,800 m2, they provide office space over 33 and 28 storeys. In addition, the ensemble includes a five-storey forum and a seven-storey hotel building with 160 rooms, as well as a three-storey underground car park with 756 parking spaces.
The asset is located at Mies-van-der-Rohe-Strasse 4-10 at the intersection of Munich’s ring road and the A9 highway in Park City Schwabing, a former industrial area which the City Of Munich has been developing since 2001 with office buildings and a number of residential properties.
Maja Procz, global head of transactions at Commerz Real, said: 'We have utilised the ongoing high level of demand for premium properties so as to attain a result attractive for our investors.
'At the same time we are gaining leeway for investments in other properties in Munich, for example in subsidised residential real estate.'
The property was acquired in 2016 for the open-ended real estate fund HausInvest, and Commerz Real has succeeded in increasing the occupancy rate for the landmark building during the holding period to 100%. Among the 27 current users are Fujitsu, IBM, Amazon, Sol Meliá and Design Offices.
Commerz Real was advised on commercial aspects of the transaction by BNP and CBRE, and on legal matters by the law firm Taylor Wessing.
