German public insurer Konzern Versicherungskammer has purchased and taken over 12 portfolio properties in central locations in Munich, Germany, from investment company MEAG.
The parties agreed not to disclose the purchase price, which German media put at €250 mln.
Around 75% of the properties, including 326 apartments, are used for residential purposes, while the remaining space is rented out as offices or other commercial space.
The over 33,000 m2 of space will remain in the portfolio of Konzern Versicherungskammer for the long term and will be managed in-house.
Kathrin Vogels, head of real estate at Konzern Versicherungskammer, said: 'Versicherungskammer, as an institutional investor always rooted in Munich, remains an active and reliable partner in the market even in these volatile times. The acquisition of this portfolio is a clear and long-term commitment to Munich as a location.’
Wagensonner Rechtsanwälte and Kaiser Baucontrol advised the buyer, while the transaction was brokered by BNP Paribas Real Estate.
