Warburg-HIH Invest Real Estate (Warburg-HIH Invest) has sold an office building in Unterföhring, Munich, to Union Investment Real Estate Austria, for €17.2 mln.
Comprising 7,200 m2 of rental space, the property located at Beta-Straße 11 is fully let to Sky Deutschland, and includes 100 parking spaces.
'We are delighted to have found a prestigious buyer for the property in the shape of Union Investment and to have made the sale at exactly the right point in the market cycle,' said Hans-Joachim Lehmann, managing director transaction management Germany at Warburg-HIH Invest.
The asset, which was constructed in 2000 and remodelled in 2016, was being held in the real estate special funds Warburg-HIH Pan-Europa Fonds Nr. 3.
Union Investment acquired the property for an open-ended real estate fund in Austria.
'As an established location for media and admin companies, Unterföhring is one of the most attractive office submarkets in Munich,' said Dr Kurt Rossmüller, member of the board at Union Investment Real Estate Austria. 'The tenant, Sky Deutschland, is also strongly committed to the Unterföhring submarket.'
As well as the office at Beta-Straße 11, Sky Deutschland uses the neighbouring property and has had its headquarters at Medienallee 26 since 2010.
