Union Investment Real Estate has acquired an office and commercial property in the Old Town area of Munich.
Union Investment Real Estate has acquired an office and commercial property in the Old Town area of Munich.
The financial details of the transaction and the identity of the international asset manager who sold the asset were not disclosed.
Union Investment said that the Munich commercial property market remains one of its most important target markets.
The company purchased the property at Maximilianstrasse 35 at the start of 2014 for its open-ended real estate fund Unilmmo: Deutschland.
Built in 1996, the 19,391 m2 complex comprises office, retail and residential space over five storeys. Union Investment said that the building links Munich's most prestigious shopping street with the Altstadtring ring road.
Currently let to 13 companies in total, including BNP Paribas and law firms White & Case and Allen & Overy, the property has an occupancy rate of approximately 75%. The average lease term is 5.9 years. The complex is located in the immediate vicinity of the Fünf Höfe CityQuartier development, which has been held by sister fund Unilmmo: Europa since 2003.
