Real IS, the property arm of German lender BayernLB, has acquired a fully let office building in the German city of Ingolstadt for its specialised institutional real estate AIF, Real IS SCF I.
Financial details were not disclosed.
The property was completed in May 2020 and has a total rental area of around 9,700 m2. The building was acquired from the developer.
The new building comprises six floors above ground and a total of 318 parking spaces in underground and multi-storey car parks. The property's main tenants are Audi BKK, Sulzer – a full-service provider of process and IT consulting services – and Audi AG.
Axel Schulz, global head of investment management at Real IS said: 'With the purchase of the new building, we are acquiring the third property for the special fund. Further purchases of office, retail, residential and logistics properties in southern Germany with good long-term leases are planned for the future in order to further diversify and expand the portfolio.'
The property is located in a business park in the south-west of Ingolstadt.
Real IS obtained legal advice from the Munich branch of Jones Day, and consultancy on the acquisition from GI-IMMO Immobilienberatung, the commercial estate agent of the Bavarian savings bank.
The Ingolstadt-based firm Archenea provided advice to the seller.