Leipzig-based property firm Publity has bought the 38,000 m2 Wappenhalle business centre in Munich from landlord SynergyOnline for an undisclosed amount.

Leipzig-based property firm Publity has bought the 38,000 m2 Wappenhalle business centre in Munich from landlord SynergyOnline for an undisclosed amount.

The scheme, fully modernised in 2002, is the fourth office complex bought by Publity in just over a month.

Although financial details were kept confidential, Publity said the volume is in a high three-figure range and that the purchase was made entirely in cash.

The complex consists of nine fully independent buildings which are 91% leased to a number of tenants including Sony Ericsson, Symantec and Secunet.

'This is one of the most distinctive and historic properties in the Bavarian capital. We therefore assume that the current vacant surface can be rented in no time,' commented Thomas Olek, CEO of Publity.

Publity started out as an online brokerage firm in 1999 before switching its focus in 2004 to distressed real estate loans and assets held by German banks. It manages a number of closed-end property funds for private and institutional investors.

Over the summer the company acquired the abc-Tower in Cologne, the Kontorhaus office complex in Frankfurt and the vacancy-plagued City Tower in Offenbach.