Allianz has purchased the Isartor City office and retail property in the center of Munich. The property, which is home to shops, restaurants, a large cinema complex and offices, is located in the immediate vicinity of Munich's old city and is fully let. The seller is a fund managed by UBS Real Estate KAG mbH. Allianz's investment volume comes in at around €120 million.
Isartor City had built in 1994 and underwent extensive renovation work in 2011. The building offers total space of 22,500 m². Around 10,000 m² are home to offices and around 8,600 m² are used for retail space. The anchor tenants are Cinemaxx, which operates the cinema, and the law firm Taylor Wessing, the main office tenant. The retail space is used by the outdoor equipment specialist Globetrotter, which offers a true shopping experience at Isartor with attractions including chambers simulating the cold and rain and an altitude chamber. Isartor City is a well-known complex that is well established on the market.
"We are delighted to have been able to purchase a property in a prime location on the hotly contested Munich market", says Stefan Brendgen, CEO of Allianz Real Estate Germany GmbH. "One encouraging fact is that, in addition to the cinema and office space, we have been able to invest in retail space again. This mixed use also minimizes the risks associated with this most recent investment by Allianz."
Source: Allianz Real Estate