Pacific Eagle, a Singapore-based family office, advised by The KanAm Grund Group, has acquired the Ludwig building complex in Munich from Allianz Real Estate.
Financial details were not disclosed, but market reports place the deal in the €350 mln range.
Situated on Munich's prestigious Ludwigstrasse, the fully-let office property comprises three buildings, Ludwigstrasse 21, Theresienstrasse 4, 6, 8 and Theresienstrasse 10.
The Boston Consulting Group occupies over 60% of the approximately 27,000 m2 of office space, while Allianz leases almost 20%. Other tenants include Celonis, a Munich start-up which has become a global software provider, and a patent attorney firm.
The historic property has a listed facade, with modern, prime office interiors, according to KanAm. It was formerly the head office of local financial instutition the Bayerischen Versicherungsbank from 1911.
Pacific Eagle is backed by Asian entreprenuer Lo Ka Shui, chairman of Hong Kong's Great Eagle Holdings, which owns the Langham group of hotels, amongst other assets.
