The acquisition by Quantum Immobilien KAG and Universal Investment of retail and office property Hofstatt was the largest real estate transaction so far this year in Munich.
The acquisition by Quantum Immobilien KAG and Universal Investment of retail and office property Hofstatt was the largest real estate transaction so far this year in Munich.
LBBW Immobilien sold the trophy building to Quantum and Universal on behalf of a small club of German institutional investors.
The parties agreed not to disclose the sale price but when PropertyEU first reported the deal on 8 October the investment volume was estimated at €400 mln.
The investment was structured as a German Spezialfonds, with Quantum overseeing portfolio and asset management, and Universal acting as a 'Service-KAG' and handling the fund administration.
The core property in a preferred high-street location in Munich’s Sendlinger Straße offers 15,500 m2 of retail space and 18,500 m2 of office space. Hines Immobilien handled commercial and technical implementation on behalf of LBBW Immobilien.
Real estate consultancy BNP Real Estate and law firm Hengeler Mueller advised the seller, while law firm JebensMensching and real estate consultancy Valteq advised the buyer.
Hofstatt’s retail tenants include US fashion label Abercrombie & Fitch, Adidas, Tom Tailor, Gant, Hollister and J.Lindeberg. Key office tenants include Invesco, Pöllath+Partner and AT Kearney.
