Fund manager Europa Capital is acquiring the German headquarters of Spanish telecoms group Telefónica in Munich to transform it into an updgraded asset for multiple tenants.
The 42,000 m2 asset is located at Georg-Brauchle-Ring 23-25 on the central beltway Mittlerer Ring near the Olympiapark in Munich. Market watchers, according to Thomas Daily, believe the investment volume was in the region of €150 mln.
Europa Capital and Munich-based developer-investor, Bayern Projekt, have formed a joint venture to conduct a comprehensive refurbishment programme upon expiry of the Telefónica lease in 2018.
Nic Fox, head of Middle Europe at Europa Capital, commented: 'This investment underlines Europa’s capacity to secure attractive assets for its investors in one of the most competitive European markets. New supply is severely constrained in Munich and we will be delivering, post refurbishment, a high-quality, sustainable product, adapted for multi-occupancy.'
Colliers advised the seller and Regent Gordon and Clifford Chance advised Europa.
