US-based investor Ares Management has signed a definitive agreement to acquire the Kustermann Park office complex in Munich for an undisclosed amount.
US-based investor Ares Management has signed a definitive agreement to acquire the Kustermann Park office complex in Munich for an undisclosed amount.
The complex, consisting of two adjacent multi-tenanted office buildings totalling more than 74,000 m2, is located in Munich’s South East office submarket and close to the city’s third largest railway station.
It was previously owned by the insolvent Australian Group Babcock & Brown, which went into liquidation in 2009.
'We believe that this office complex will continue to benefit from its location in Germany’s top office market and one of Europe’s top three office investment markets,' said Bill Benjamin, partner in the Ares Real Estate Group. 'We are also excited by the significant value-add potential for this property, including asset management opportunities in leasing and building improvements, as well as the positive trends in Munich’s South East office sub-market.'
Ares has retained the property’s existing manager, Blue Asset Management.
Earlier this year, Ares also acquired a portfolio of two office buildings in Berlin and Hamburg as well as an add-on residential portfolio, bringing the total number of residential units it owns to more than 2,000 across Germany.
