Office developer-investor Coros has made its first acquisition in Munich with the purchase of the Gustav-Heinemann-Ring 212 (Gustav) office building located in the Neuperlach district.
Financial details were kept confidential.
The property has around 16,000 m2 of office, restaurant, and medical practice space. Most of it is leased to the company BSH Hausgeräte and the Federal Employment Agency.
Coros has acquired the property for the Commodus Deutschland Fund II ScSp, RAIF and is planning extensive investments in modernizations as well as an upgrade of the asset through a specially developed ESG concept – culminating in a corresponding ESG certification.
‘We are pursuing the goal of optimally developing the individual urban potential of the Gustav property while actively shaping the value creation for the users,’ said Leonhard Sachsenhauser, managing director at Coros. He added: ‘The building structure is flexibly usable, thus enabling modern and innovative working environments.’
The transaction was brokered by BNP Paribas Real Estate.
