German investor Publity has agreed to buy the 28,000 m2 Artecom office building in Ismaning, north of Munich in Germany, from asset manager Deka Immobilien.
German investor Publity has agreed to buy the 28,000 m2 Artecom office building in Ismaning, north of Munich in Germany, from asset manager Deka Immobilien.
Financial details were not disclosed. However, the asset is estimated to be worth between €50 mln and €60 mln.
Artecom consists of a total of five buildings, three of which - totalling 17,000 m2 - were sold by Deka's Europe open-ended property fund. The remaining assets were owned by another Deka vehicle.
Completed in 2000, the four-storey complex is fully let to a number of tenants including SCA Hygiene Products. It also offers 560 parking spaces.
'We believe in a positive development of the Munich property location and its surroundings,' commented Thomas Olek, CEO of Publity. It is the fourth acquisition by the group in the Munich area in the past six months, he added.
CMS Hasche Sigle advised on the deal.
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.
In September last year it bought the 38,000 m2 Wappenhalle business centre in Munich from landlord SynergyOnline.
