Germany’s Sonar Real Estate has partnered with an institutional investor to buy an office property in Munich, Germany from investment firm Global Gate Capital,
The parties have agreed not to disclose the purchase price.
The property, consisting of three buildings constructed between 2001 and 2004, is located at Zielstattstraße 42, 44, and 48 in the Obersendling district of Munich.
The asset has a total floor area of 21,000 m2 and is located on a plot of 7,900 m2. It also includes 258 parking spaces and is connected to Munich's city centre by public transportation.
The property is currently 90% occupied, with Japanese pharmaceutical company Daiichi Sankyo being the main tenant.
Rudy Sayegh, CEO of GGC, commented: ‘Our strategy focuses on creating long-term value for our international client base. The successful sale of our Munich office building is a superb validation of our ability to locate attractive office properties and implement our business plans, even under challenging market conditions. Germany has been central to our real estate investment strategy and will remain so for the foreseeable future.’
Christoph Wittkop, CEO and Managing Partner of Sonar, continued: ‘Especially in this environment and despite the uncertainties, we see increasingly good opportunities for attractive acquisitions on the German office market. The general situation is challenging - but the deals are getting more interesting from our point of view. We have the experience and capacity to leverage value even in this environment. The transaction also shows that we have established ourselves as a local partner for national and international investors in Germany due to our know-how and our close network.’
Sonar was advised by Ashurst (legal), DK Real Estate (technical), CBRE (commercial due diligence), and Agradblue (ESG due diligence). GGC was advised by Bryan Cave Leighton Paisner (legal) and Altavis (tax). Cushman & Wakefield was the broker.
