German property firm Publity has announced the acquisition of an office building in Munich's Leopold Street for around €40 mln.
German property firm Publity has announced the acquisition of an office building in Munich's Leopold Street for around €40 mln.
Leipzig-based Publity said the building is 93%-leased and provides 11,280 m2 of office space as well as 135 parking spaces.
The property was built in 2001 by architects M1 Planning Group on a 6,800 m2 plot of land.
'We are looking into the purchase of six to 10 objects in comparable, locations in Germany metropolises. The equity financing is already in place,' commented Thomas Olek, CEO of Publity. Assets in Munich, Frankfurt and Cologne are already in the due diligence process, Olek added.
Law firm CMS Hasche Sigle advised on the deal while Drees & Sommer carried out the valuation of the property.
The acquisition comes within days of Publity's purchase of the City Tower in Offenbach, the tallest building south of the Main river in the Frankfurt area. The financial details of that deal were not disclosed.
The 140-metre City Tower comprises 25,000 m2 of leasable area over 33 floors and also provides 197 parking spaces on two lower floors. The property has struggled with leasing since it was delivered at a cost of €100 mln in 2003.
The property is one of the assets within the Sanchez portfolio, financed by the Mozart Loan within the Talisman 7 securitisation, which is part of Hatfield Philips International (HPI) loan servicing.