German investor Commerz Real has announced the sale of the Machtlfinger Höfe office complex in Munich-Obersendling to Conren Land, acting on behalf of one of its clients.
Financial details were not disclosed.
Machtlfinger Höfe provides around 21,500 m2 of rental space spread over three five-storey office buildings connected to each other. Following the departure of several major tenants in 2009 and 2010, Commerz Real repositioned the property and subsequently let in almost in full to 18 new companies including major occupiers Creditreform, NFON and Zechbau.
As a result, the market value of the building increased by more than 60% to €83.9 mln as of September 2017. The asset was owned by Commerz Real's hausInvest open-ended fund.
Commerz Real was advised by Colliers International and Immobilien im Fokus and Conren Land was advised by Freshfields Bruckhaus Deringer.
An owner-run real estate company based in Frankfurt, Conren Land manages commercial real estate assets in Germany, Austria, Switzerland and Spain on behalf of its clients.
