PATRIZIA invests in landmark mixed-use asset in central Munich

  • Historic Lenbachplatz 6 building originally constructed in 1904 and recently refurbished with state-of-the-art refit
  • Provides 3,000 sq m of Core office and retail space with a WALT of 10 years
  • Central Munich location within minutes of Munich Central Station

Augsburg / Munich, 13. April 2021. PATRIZIA AG, a leading partner for global real assets, has acquired a landmark mixed-use, multi-tenanted building in Munich, Germany, from Rock Capital Group (RCG), on behalf of its institutional clients.

Lenbachplatz 6 is a 3,053 sq m listed building, built in 1904 by the prominent German architect Emanuel von Seidl. A state-of-the-art refurbishment of the property was undertaken in 2019, which included modernising the building’s facilitates, as well as installing new windows and renovating the roof to maximise energy efficiency. PATRIZIA aims to secure BREEAM certification for the asset to track its sustainability performance going forward.

The 2,100 sq m of office space across five floors is fully let to the well-known international law firm Orrick, Herrington and Sutcliffe, while the ground floor retail provision is let to Calligaris, the luxury furniture store. The asset has a WALT of 10 years, providing long term reliable income.

Situated in the borough of Altstadt-Lehel, the building is in a highly desirable location five minutes’ walk from Munich Central Station, which connects the city to Munich International Airport. Lenbachplatz is also in close proximity to Munich’s tram and underground network, as well as nearby retail and tourist attractions, including the city’s historic central square, Marienplatz.

Daniel Dreyer, Head of Transactions DACH at PATRIZIA, commented: “With the investment in Lenbachplatz we have acquired an important piece of Munich’s history and a trophy asset in the city centre. This investment aligns with our strategy of purchasing high quality Core assets in sustainable locations that deliver reliable, long term income to our managed portfolio. The property also increases our exposure to one of the strongest real estate markets in Germany and we continue to look for further investment opportunities that meet our Core criteria for this strategy.”

The transaction was brokered by Cushman & Wakefield, with legal counsel from Clifford.

 

PATRIZIA: A leading partner for global real assets

As a company with operations around the world, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 37 years. PATRIZIA manages more than EUR 47 billion in assets and employs over 800 professionals at 24 locations worldwide. Through its PATRIZIA Foundation, the company is committed to social responsibility. The Foundation has helped over 230,000 children in need worldwide gain access to education and thus, has given them the chance of a better life over the last 21 years. You can find further information at www.patrizia.ag

Contact:
Barbara Popp
Corporate Communications
Phone: +49 821 5 09 10628
communicationa(at)patrizia.ag