Germany's Catella Real Estate has acquired an office building in Munich-Obersendling for over €25 mln for its open-ended public-sector alternative investment fund Catella Max.
The fully let office building, dubbed M20, was acquired from project developer Wohr + Bauer, which recently refurbished the 1990s-era building to suit the needs of its main tenant, the State of Bavaria.
'The completely refurbished office building comprises state-of-the-art rental space that can be used flexibly. With the State of Bavaria, we have a long-standing, renowned and credit-worthy main tenant. The purchase enables us to stabilise future distributions through the investment's long-term secured cash flow,' said Henrik Fillibeck, CEO of Catella Real Estate.
The property at Meglingerstrasse 20 comprises five upper floors and a basement, and was extended in 2002. The deal marks the fund's 15th acquisition, increasing its assets under management to more than €400 mln.
The Catella Max fund only invests in the city of Munich and its neighbouring districts. According to the firm, it targets a high degree of diversification in terms of building type and tenant structure, with a public-sector focus.
This deal marks the funds first purchase in the city's southern district of Obersendling, which was formerly dominated by Siemens' industrial operations.
BNP Paribas Real Estate brokered the transaction. Technical due diligence was carried out by Brand Berger, while legal advice was provided by Glock Liphart Probst & Partner.
