PATRIZIA completes sale of modern Munich office property
PATRIZIA manages around EUR 14.5bn of office assets across Europe.
- Asset sold on behalf of single investor fund
- Disposal completes 10-year business plan for the asset
Augsburg, 11 December 2018. PATRIZIA Immobilien AG, the global partner for pan-European real estate investment, announces that it has sold an 8,000 sq m, fully let office building in Munich on behalf of one of its single investor funds to Quantum Immobilien KVG. The purchase price will not be disclosed.
Daniel Dreyer, PATRIZIA’s Head of Transactions Germany, commented: “We hand over the property having just secured a major re-letting which will keep the building fully let for the next ten years. The sale successfully completes the ten-year business plan for this asset, one which has created excellent value for our client.”
The modern, high-quality office was built in 2008 and acquired by PATRIZIA in the same year. It is located in Parkstadt Schwabing, one of the most dynamic micro markets in Munich and an area populated with the numerous corporate headquarters of major international companies such as IBM, Microsoft and Amazon. Across Europe, PATRIZIA manages office assets with a value of some EUR 14.5 billion.
PATRIZIA was advised by CBRE and Luther Rechtsanwaltsgesellschaft mbH.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across Europe 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 partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages around EUR 40 billion of real estate assets, primarily as an investment 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.
Head of Corporate Communications
Phone: +49 (0) 821 5 09 10-6 55