German fund manager Wealthcap has acquired the Ten Towers (Telekom Center) in its home town of Munich. The property provided a leaseable area of over 69,000 m[sup]2[/sup] on Munich's Mittlerer Ring at the corner of Dingolfinger Strasse and Berg-am-Laim Strasse.
German fund manager Wealthcap has acquired the Ten Towers (Telekom Center) in its home town of Munich. The property provided a leaseable area of over 69,000 m2 on Munich's Mittlerer Ring at the corner of Dingolfinger Strasse and Berg-am-Laim Strasse.
The vendor was UK firm Evans Randall and the investment volume came to around EUR 206 mln. CBRE brokered the transaction.
The office complex comprises five office double-towers and one round building. The property was completed in 2005 and 94% total rentable area is leased long-term to GMG Generalmietgesellschaft, a subsidiary of Deutsche Telekom. Companies currently based in the Center include Deutsche Telekom AG, T-Systems, DeTeFleetServices and Scout 24. The remaining space is rented by two other tenants.
WealthCap plans to establish its 35th German closed end real estate fund to own the building. Sales of the fund units are scheduled to begin in March 2013.
Based in Munich, Wealthcap is a subsidiary of the Unicredit banking group.
