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11 Jan 18

PATRIZIA adds modern Munich property to its office portfolio

Highly attractive property in one of Germany’s thriving office markets : - Over 12,000 sq m rental space in Munich’s sought-after Obersendling office district - Almost fully let to a diverse tenant mix with a six-year average remaining lease term
Augsburg/Munich, 11 January 2018. PATRIZIA Immobilien AG announces that it has acquired a modern office building in Munich. Located on Baierbrunner Strasse in one of the city’s established office districts, the modern and architecturally attractive property offers more than 12,000 square metres of rental space and is almost fully let to a diverse, creditworthy tenant mix. This acquisition was made for a commercial real estate fund managed by PATRIZIA; the seller is a real estate fund managed by CONREN Land Management. Both parties agreed to not disclose the purchase price.
 
“The office market in Munich is characterised by its extremely low vacancy rate which, when taking into account the location of the property we have acquired and the diversity of the tenant mix, makes it a very attractive investment for our clients,” says Daniel Dreyer, Head of Acquisitions Commercial at PATRIZIA.
 
The office building on Baierbrunner Strasse was built in 2003. It has undergone constant modernisation and, with its contemporary glass-metal façade, is now in a high-quality condition and is considered one of the best and most modern office buildings in the Obersendling district. It boasts two basement floors, which include a 140-space underground car park plus storage areas, a ground floor and five upper floors. Eleven diverse tenants currently occupy the property with a remaining average lease term of over six years, with most having agreed to renewal options. Its location offers numerous connections to Munich’s public transport network.