MEAG picks up mixed-use building in Munich from AXA IM Alts

The deal is reportedly worth €60 mln. AXA IM Alts originally purchased the building in 2013 for €40 mln from TMW Immobilien Weltfonds.

The mixed-use building at Feilitzschstrasse 4-6 in Munich's Schwabing district extends to Franzstrasse with its spacious outdoor areas. It was renovated and expanded in 2005 and 2013 and has 11,000 m² of rental space and 195 parking spaces.

The building with its glass and plaster facade offers modern office, leisure, restaurant, and retail spaces. The property is almost 100% rented to tenants from the film, wellness and fitness, gastronomy, and food retail sectors and to the city of Munich with a daycare center. The company Constantin Film AG has its headquarters in the property.

Katrin Hupfauer, head of Real Estate Transactions, MEAG, said: ‘Even as a long-term portfolio holder, we were reluctant to acquire new properties in Germany for a long time due to the very high prices, but in the current market environment we are finding increasingly attractive opportunities again, regardless of the type of use. As investors in insurance companies, among other things, we use their equity and, independent of the increased financing costs, we find a market offer that we have not seen for a long time.’

Bernhard Schwenzer, senior transaction manager Real Estate, MEAG, added: ‘We are pleased that we were able to secure this top property for our investors. An attractive and sustainable mix of uses, a unique location, a well-diversified tenant structure, and high construction quality - also with a view to our ESG requirements - convinced us. We continue to look for excellent properties in very good locations and secure cash flow for our long-term investors.’

The urban location is highly attractive for various uses and, with its proximity to Münchner Freiheit, is excellently connected to the public transport and road network.

Knight Frank acted as an intermediary for the transaction.