Quantum-led consortium buys Munich mixed-use asset for €400m

A consortium led by German real estate group Quantum Immobilien has acquired the Hofstatt mixed-use scheme in Munich from German lender LBBW.

Although financial details were not disclosed, it is believed to have sold for around €400 mln.

Hofstatt is located in central Munich, comprising 15,500 m2 of retail and 18,500 m2 of office space. It was developed by LBBW in conjunction with US developer Hines. It only opened in April this year and the biggest tenant is US apparel retailer Abercrombie & Fitch, which lets 3,300 m2.

The investment is structured as a spezialfond, with Quantum taking over portfolio and asset management functions. Universal Investment will act as fund manager.