AXA Investment Managers Deutschland GmbH has acquired on behalf of one of its clients the Arte-Fabrik building, a mixed used core asset located in Feilitzstrasse in the city center of Munich for €40 million. The property has been acquired from TMW Pramerica, acting on behalf of TMW Immobilien Weltfonds and is situated in a prime location in the Schwabing district of Munich.
The 11,000 m², five storey office-led, mixed use property has an established German film production company and a gym as its main tenants, occupying 38% and 24% of the space respectively.
The transaction is the second acquisition undertaken on behalf of this client in 2013 and follows the purchase of a core property in the center of the City of Mannheim, for € 70 million.
Commenting on the acquisition, Matthias Leube, Managing Director of Real Estate within AXA Investment Managers Deutschland GmbH said: “With the acquisition of this property in Munich, we were able meet the specific investment guidelines of our client by purchasing a core-property with a prime location in a major German city at an attractive yield. We have a identified a number of similar investment opportunities and expect to be able to make further acquisitions on behalf of this client during the remainder of the year.”
Source: AXA Real Estate