REAL ESTATE – The Government of Singapore Investment Corporation’s GIC Real Estate has bought two Munich properties from Hines for more than €300m.
Its bought the new completed office properties on Georg-Brauchle-Ring, which are pasrt of the “Uptown München” development completed in 2005.
“The 38-story Uptown München Tower is a landmark building, and is the tallest and one of the most attractive office buildings in the Bavarian capital. It is completely leased to O2 Germany, a leading telephone operator, for a fixed 15-year term. The campus building is fully leased to Adobe Systems, two local companies and Hines,” a statement said.
It said the move means GIC is now the biggest investor in Uptown München.
"Our decision in 2001 to establish ourselves in Munich by developing Uptown München has been affirmed," says Alexander Möll, the Hines project manager who was responsible for the sales negotiations with GIC RE.
"Despite the sometimes difficult market situation for commercial property over the last few years, it has become evident that top-quality buildings are justified and can be successfully marketed."
“We are pleased to acquire these two office buildings in the successful Uptown München project developed by Hines,” added GIC RE president Seek Ngee Huat.
“These Class A properties are well-located, have been leased long-term to strong credit tenants and provide a stable rental income. This investment is in line with our investment objectives and a fitting addition to our core global office portfolio, which also includes other prime office properties such as 30 Gresham Street in London, Shiodome City Center in Tokyo, Franklin Center in Chicago, Chifley Tower in Sydney and Seoul Finance Centre in Seoul.”
Hines was advised by Colliers Property Partners Immobilien-Kontor Schauer & Schöll, who stated that this was the largest single asset deal that has ever been signed in Munich.