MGPA has announced that its Global Fund 1 investment vehicle has sold the Munich City Tower to Freo Germany II Partners (SCA), a private equity fund which is ran by the Luxembourg-based Freo Group.
MGPA has announced that its Global Fund 1 investment vehicle has sold the Munich City Tower to Freo Germany II Partners (SCA), a private equity fund which is ran by the Luxembourg-based Freo Group.
The 24-storey Munich City Tower has been developed between 2001 and 2003 by MGPA, and has a rental surface of 23,000 m2 plus 188 parking places. The asset is currently 50%-let to one of the largest German health insurers and the Go Yellow Media Group.
Marius Schöner, head of MGPA Germany, said: 'The Munich City Tower was the last investment of our Global Fund I. We were able to successfully re-let the building and are happy that despite difficult market circumstances we were able to have found a renowned buyer in Freo.'
Schöner said that MGPA is looking for attractive investment opportunities in Germany for its MGPA Europe Fund III. 'With this newly launched fund we have ample capital, combined with the support and trust of banks. Therefore we will be able to do large transactions also in these difficult market circumstances,' he said.
