Patron Capital and co-investor Pamera Asset Management have acquired a five-storey office building in Munich from Deutsche Asset & Wealth Management.
Patron Capital and co-investor Pamera Asset Management have acquired a five-storey office building in Munich from Deutsche Asset & Wealth Management.
The acquisition was funded with equity and senior bank financing provided by HSH Nordbank. Financial details were not disclosed.
Located in Munich’s sought-after Westend, Ridlerstrasse 55 comprises 11,200 m2 of lettable space across flexible floor plates as well as 147 car parking spaces.
'This acquisition is part of our previously stated intention to invest substantial capital in German-speaking countries, where we see significant opportunities for growth,' commented Keith Breslauer, managing director at Patron Capital. 'We continue to seek out opportunities in Germany and look forward to
announcing further deals.'
This is the second acquisition by Patron’s Fund IV in Germany.
Gunther Deutsch, managing partner at Pamera, added: 'We expect to re-gear the existing leases and to lease the vacant space in the near future.'
Savills advised the seller on the transaction.