IMMOFINANZ finalized the sale of two office buildings and a hotel in Munich's Lenbachgärten today. The calculation of the purchase price for the transaction of the 65,000 m² Munich city center property consisting of two fully let office buildings and a five-star-plus hotel was based on a real estate value of more than 200 million.
The Lenbachgärten transaction comprises two office buildings and a hotel.
The buyer is the Munich-based family office AM alpha GmbH, which carries out real estate investments for several affluent German families.
"After careful deliberation we opted to dispose of these objects. We are respectably optimizing our cash flow in the company on the one hand, and on the other hand the transaction demonstrates that IMMOFINANZ operates with valuable assets and is also able to sell properties in a difficult market," IMMOFINANZ AG CEO Dr Eduard Zehetner says, emphasizing the significance of the sale.
AM alpha GmbH's investment focus is on commercial real estate in prime European locations. "For us it is important to carry out our investments in Europe with professional partners. In the current market phase we will considerably expand our involvement on the German market and in Western Europe," says Siegmut Böhm, managing director of AM alpha GmbH.
The investment was a success for IMMOFINANZ due to its early involvement in Lenbachgärten the company had already acquired the project in 2006.