German investor Patrizia Immobilien has sold Prater Island, an office and events location in the centre of Munich, to a local family office.
German investor Patrizia Immobilien has sold Prater Island, an office and events location in the centre of Munich, to a local family office.
The investment volume was not disclosed but German news service Thomas Daily quoted a value of €50 mln.
The island, which lies between Maximilianstrasse and the Maximilianeum building beside the Isar River, has a total lease area of more than 10,000 m2 across five 19th-century buildings. Tenants include the Bavarian State Parliament.
Patrizia acquired the site in 2007 as part of a co-investment agreement.
