An open-ended pan-European investment vehicle of Invesco Real Estate has completed the acquisition of a 50,000 m2 multi-use asset in Munich’s Arnulfpark.
An open-ended pan-European investment vehicle of Invesco Real Estate has completed the acquisition of a 50,000 m2 multi-use asset in Munich’s Arnulfpark.
The complex, known as Neue Hopfenpost, was bought from owner MOM Mall of Munich Beteiligungs for an undisclosed amount.
The multi-tenant landmark property offers office and retail facilities as well as 21,300 m2 of data warehousing.
'This remarkable asset adds value to our €1.6 bn pan-European portfolio by increasing our already existing allocation to Germany, diversifying our tenant mix and enhancing the long-term income return potential which we believe the asset will deliver to the overall portfolio,' said Paddy Bingham, IRE’s managing director of fund management.
Fabian Manegold, IRE’s senior director – transactions, Germany added: 'The data warehousing space is a key attribute of the asset and the building provides unique technical features which are attractive for this growing industry.'
IRE was advised by CMS and Mürle Partner and the vendor was advised by CBRE, GSK and REAG.
