Patrizia Immobilien has purchased an office in Munich, on behalf of a private investor real estate fund, from a private equity firm. The transaction volume was not disclosed.
Comprising 10,000 m2 of leasable area across seven floors, the Leopoldstrasse asset is majority let to the Bavarian International School on a 20 year lease, with oil company BP occuping the remaining space.
'With the purchase of this premium property, which has a long-term lease and is situated at one of the most sought-after addresses in Germany, we will soon be able to offer private investors a very attractive investment product,' commented Joachim Fritz, managing director of Patrizia GrundInvest.
'We would like to raise approximately €30 mln of equity from private investors for the new private investor fund, for which the annual disbursements are projected to be an average of 4.0% before taxes,' added Andreas Heibrock, managing director of Patrizia GrundInvest. The term of Patrizia's new fund will be around 10 years. It is expected to be issued in the first quarter of 2017.
