Singaporean sovereign wealth fund GIC has confirmed that it has put the O2 Tower in Munich - Bavaria's tallest scheme - on the market.
GIC, which bought the building in 2007 from Hines for a price around €300 mln, is understood to have hired broker Jones Lang LaSalle to market the asset, which at 146 metres is Bavaria's most prominent office building. JLL declined to comment on the mandate. The building is expected to fetch some €350 mln.
Located opposite the Olympic stadium on the Georg-Brauchle-Ring, the asset is situated next to the Olympia shopping mall and offers four seven-story campus-style buildings next to the office tower. The 50,700 m2 tower is leased to Telefonica, together with three of the four campus building comprising an area of 25,600 m2.
The scheme would be the second office tower to change hands in Munich in the past weeks. In early April, German fund manager Wealthcap acquired the new Baywa headquarters in Munich for around €280 mln from developer Competo and agriculture and energy group Baywa.
