Union Investment is said to be close to selling the famed Munich shopping and office complex Fünf Höfe for €750-800 mln.
Reports in the German press have identified the potential buyer as Athos Group, an asset management firm and family office controlled by German billionaire brothers Thomas and Andreas Strüngmann.
Founders of the pharmaceutical company Hexal (subsequently sold to Novartis) and major shareholders in Biontech, the twins have also been active as real estate investors for years.
Union Investment hasn't officially confirmed the sale and the property is still part of its open-ended real estate fund UniImmo: Europa.
‘Closing of the transaction has not taken place, so I cannot comment or confirm the details that have been published without our authorization,’ a company spokesperson told PropertyEU.
A Strüngmann family spokesperson confirmed to daily Süddeutsche Zeitung that a written agreement is likely in place, though completion of the deal isn't expected until year-end.
Designed by architects Herzog & de Meuron, the Fünf Höfe office and shopping district has been owned by Union Investment since its completion in 2003, through its open real estate fund Uniimmo Europa.
Located along Kardinal-Faulhaber-Strasse, Salvatorstrasse, and Theatinerstrasse, the Fünf Höfe complex comprises over 49,000 m2 of rentable space, of which 14,000 m2 is devoted to retail and 24,300 m2 to office premises.
Originally a Hypo-Vereinsbank building, the Fünf Höfe is now home to around 60 shops, several restaurants, and the Hypo-Kunsthalle. The property boasts BREEAM Excellent certification.
