Deutsche Asset One has acquired approximately 715 residential and commercial units worth over €300m from MEAG in the city of Munich and the district of Munich. The properties will become part of various institutional open-ended real estate funds of Union Investment that is aimed exclusively at cooperative securities account investors (Depot A).
“Thanks to our very good local market access throughout Germany, we can also acquire suitable properties in good condition for our clients in particularly sought-after regions, such as Munich and the surrounding area,” said Thilo von Stechow, managing partner at Deutsche Asset One. “We are pursuing a long-term and sustainable strategy with all our properties. The careful and cautious treatment of tenants and property maintenance for a quality of life throughout the city are becoming increasingly important in transactions in the residential sector.”
Bernhard Kraus, managing director of Union Investment Institutional, said: “The purchases made for institutional real estate funds in proprietary investments for our cooperative banks once again prove the expertise of Deutsche Asset One in the nationwide residential market. We look forward to expanding our proven partnership further.”
