Swiss Life Asset Managers and Universal-Investment have acquired the Oskar office scheme in Munich from US investor-developer Hines.
The parties agreed not to disclose the purchase price.
Universal-Investment is investing in the 26,000 m2 complex on behalf of a fund managed by Bayerische Versorgungskammer while Swiss Life AM is participating on behalf of a Swiss Life fund. Swiss Life subsidiary Corpus Sireo will act as asset manager for the property.
Located on Munich’s Altstadtring at Oskar-von-Miller-Ring 20, the complex comprises six upper floors and three lower floors with around 250 underground parking spaces. A café will also open its doors on the ground floor at the end of 2018.
The building has served as the headquarters of technology giant Siemens since 1999. After the group moved out, a complete refurbishment from a single-tenant to multi-tenant property took place from 2017 to early 2019. Besides publishing house Condé Nast and flex office provider WeWork, Amazon Web Services has also taken premises in the building.
Roy Brümmer, head of Investment & Transaction at Corpus Sireo Real Estate, commented: ‘The Oscar is a rare investment opportunity in Germany's strongest office market. The newly designed areas are designed for long-term, flexible use by their renowned tenants. We are therefore pleased to be able to secure a particularly sustainable investment for the new owners that corresponds to the investment philosophies of both partners.’
