International investment manager KanAm Grund Group has purchased the Campus E office complex in Munich for an undisclosed sum believed to be around the €50 mln mark.
The 9,000 m2 asset was purchased for KanAm's Leading Cities Invest (LCI) fund, with equity raised by a cash call made in March. The vendor was not named.
The main tenant of the 7-story office building, including cafeteria, storage facilities and underground parking is the 'City Hall for IT'. Other tenants include Telefónica Germany and the Japanese pharmaceutical company Astellas Pharma.
According to KanAm, a further cash call has already been made, with a plan to use that equity to buy an asset in Belgium. Counting both deals, LCI should virtually double its property volume in the second half of the year.
The open-ended fund is invested in five locations, Hamburg, Paris, Brussels, Frankfurt am Main and Munich with a focus on large metropolises.
