PATRIZIA acquires office and hotel property in Munich
PATRIZIA Immobilien AG announced that it has acquired a long-let office and hotel property in central Munich. The five-storey building is situated in the sought-after Maxvorstadt district of the city.
"The market in Munich is underpinned by a demand and supply imbalance driven by the area's popularity with both occupiers and tourists given its position in Munich's museum district meaning we have succeeded in making a sustainable real estate investment for our investors," explains Daniel Dreyer, Head of Acquisitions Commercial Germany at PATRIZIA. The seller is the Studio M Maxvorstadt GmbH & Co. KG, a joint venture between the Residia Group, Munich and the Lambert-Holding from Regensburg, which acquired the property in 2016 and sold it to PATRIZIA after full rental and tenancy work.
Built in 2000, the building is located on Sandstrasse - an established office location which also offers many attractions for tourists. The property comprises two basement floors, a ground floor as well as five upper floors, with a total area of around 7,300 square metres. It also has 37 underground parking spaces. The tenants are the Macromedia College of Higher Education, which has let the office space for a minimum of a further ten years, as well as the hotel operator Primestar Hospitality, which operates an 80-bed, 3-star lifestyle hotel on a 25-year lease.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across 15 European countries for more than 30 years. PATRIZIA's activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global provider of real estate investments in Europe, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. Currently, the Company manages real estate assets worth almost EUR 20 billion, primarily as a portfolio manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.