Commerz Real has sold the Machtlfinger Höfe office property in Munich-Obersendling to Conren Land.

The German fund manager said Conren, an investment company, based in Frankfurt am Main, acquired the property on behalf of a private family.

The parties agreed that confidentiality be maintained on the purchase price, it said.

The property, which is almost fully leased, has been in the portfolio of Commerz Real’s open-ended real estate fund hausInvest since 2008.

Machtlfinger Höfe has a net leasable area of some 21,500sqm spread across three five-storey office buildings connected to one another by two additional five-storey buildings with a bridge function.

Following the departure of several major tenants in 2009 and 2010, Commerz Real repositioned the property with a small-area tenant structure and was consequently able to virtually lease the property in full, with 14,000sqm being leased to 18 new companies in the past 24 months alone.

Subsequently the market value increased by more than 60% to €83.9m as at September 2017, Commerz Real said.