KanAm Grund's Leading Cities Invest fund has divested the Accor headquarters in Munich at a profit to global investor AEW.
Financial details were not disclosed.
AEW has acquired the asset for the recently launched AEW Europe Value Investor II, which focues on office properties with upside potential in established and developing locations across Europe.
KanAm said that the Munich disposal, which represents the second Leading Cities fund divestment since the vehicle was established about five years ago, follows the sale at profit of an asset in Hamburg.
KanAm acquired the Accor headquarters property in the Munich-Reim district in October 2016 for an undisclosed sum. The property covers a rental space of around 7,600 m2 and is leased to the French hotel giant until 2021 with an option to extend.
According to the firm, the recent sale sees the KanAm Grund fund share price rise by about €1, bringing the current performance up to 4% from a figure previously exceeding 3%. The fund's next cashcall is scheduled for the end of May.
With a portfolio of 21 properties, Leading Cities Invest has already invested in 15 locations in Germany, Belgium, France, the United Kingdom and Switzerland. The portfolio ranges from offices, industry/logistics and retail/gastronomy to the hotel business, doctor's surgeries and medical services and leisure facilities, all 100% leased.
AEW's Europe Value Investor II fund has raised €210 mln in equity commitments at first close, and is targeting total equity of around €500 mln, which will provide a total investment capacity of around €1 bn, the firm said.
AEW was advised by Hogal Lovells and GSK Stockmann, while CBRE advised KanAm.
