22 January 2020
The six-storey office building was constructed in 2003 and benefits from efficient and flexible space that facilitates third-party usability. It has around 16,200 sq m of rental space, with 261 under- and 74 above-ground parking spaces. The property is located in the northern Munich district of Milbertshofen-Am Hart. It likewise has excellent connections to public and private transport.
The acquisition is the first in Munich for the Fund – Savills IM Real Invest 1 – which was set up in 2013 for three German insurance companies. The Fund now has grown to eight properties in seven German cities, including Berlin, Hamburg and Stuttgart. A purchase agreement has also been signed for an office building still under construction in Nuremberg.
Savills IM was advised by CMS Hasche Sigle (legal/fiscal), DU Diederichs (technical) and Colliers International (commercial). The financing partner was Stadtsparkasse Munich. Catalyst Capital was advised by FPS (legal) and Crowe (fiscal). Estama was exclusively mandated as sales agent and transaction manager by the seller.
Stephan Huber, Associate Director Investment at Savills IM, says:
Munich has seen falling vacancy rates and rising rents for years, so we are delighted to have secured for our investors this modern and flexible office building in such a competitive market.
With the property’s strong tenant and its excellent subway connections – you can get to Munich's main train station in 15 minutes – it represents a sustainable investment. Furthermore, it adds another future-proofed city to the fund's portfolio, according to our Dynamic Cities index.
Tim Ulrich, Deputy Head of Transaction Management, Germany, at Savills IM, adds:
Our reputation as a professional and reliable transaction partner, plus our extensive experience, have proven yet again to be the decisive factors in securing this asset and giving added value to our investors. Our excellent relationships with all the major players meant we had access to assets in a very competitive market with a limited supply of high-quality properties.
+44 (0)20 7025 6400
SavillsIM@citigatedewerogerson.com