Germany’s Union Investment has announced the sale of an office building at Landsberger Strasse 368-374 in Munich to Asia Pacific Land Europe for around €100 mln.
The asset, which has been part of the UniImmo: Europa portfolio since 2004, provides around 23,700 m2 of rental space and 325 parking spaces. Completed in 2003, the property is fully leased.
‘In the interests of our investors, we took the opportunity to sell in Munich to further rejuvenate our real estate portfolio,’ said Alejandro Obermeyer, head of Investment Management DACH at Union Investment. ‘Munich is still considered to be one of the most dynamic German A-cities, which has been able to record continuous rental growth over the past few years, and it remains highly attractive for us even after the sale.’
Peng Zhang, managing director of APL Europe, added: ‘This transaction is part of the successful implementation of our growth strategy, which is aimed at acquiring high-quality real estate in major German cities. We will continue to pursue this path consistently. The market continues to offer us attractive opportunities so that we will continue to expand our portfolio in Germany in the future.’
Colliers brokered the deal.
