Frankfurt-headquartered Godewind Immobilien has acquired an office property in Munich for €30.5 mln as part of an asset deal
The scheme is located in a commercial area in Kirchheim near Munich and has a leasable area of approximately 18,820 m2 and 683 parking spaces.
According to Godewind, the property's vacancy rate of about 63% presents significant value appreciation potential. The residual lease term of the existing tenants averages 3.9 years.
The asset manager said it planned to fully lease the property by 2020, potentially increasing the rent from a current figure of €0.8 mln annually to €2.3 mln.
In addition, the acquired complex has an expansion reserve of around 15,500 m2. Godewind is already in talks with a major health care provider about the use of these areas.
The firm said that negotiations to acquire additional properties were likely to conclude in the fourth quarter of the year.
