Commerz Real just sold the Medienfabrik office scheme from the portfolio of its hausInvest open-ended real estate fund to Allianz Real Estate. It was agreed not to disclose the purchase price. The complex, which includes buildings located at Theresienhöhe in downtown Munich, was added to the portfolio as project development in 2007, and completed in 2010.
"We are pleased to say that we achieved a high occupancy rate by working together with project developer Accumulata. At this time, Medienfabrik is fully occupied except for some very small areas," elaborated Roland Holschuh, Member of the Board at Commerz Real AG and in charge of the real estate business. "There is still a significant demand for high-end office property in Munich. We were able to take advantage of this potential and to generate a positive result for hausInvest."
The building complex of Medienfabrik includes a gross lettable area of around 33,000 m². Current key tenants include the technology firm National Instruments, the pharmaceuticals company Daiichi-Sankyo, the auditing firm of Oppenhoff & Rädler, as well as a number of companies from the media and communication sector.
The Theresienhöhe office location is well established and distinguished by its centrality, superior infrastructure, and favourable transportation access.
Source: Commerz Real