Hines invests in Munich office portfolio (DE)

Hines invests in Munich office portfolio (DE)

Hines has successfully closed the acquisition of two office buildings located in Neuperlach, an established office, retail and residential destination in Munich on behalf of the flagship Hines European Value Fund 2 (HEVF 2). Located next to Einkaufs-Center Neuperlach (PEP), Munich’s largest shopping mall, and with exceptional public transport links, the two office buildings comprise over 87,000m² of office space on Fritz-Schaffer-Straße 9. The assets are currently fully let to AllianzHines will design and seek building permits for a comprehensive refurbishment programme to transform the asset into a high-quality office-led, mixed-use scheme, including residential. The purchase price was not disclosed.

 

Paul White, HEVF 2 fund manager, said: “We are delighted to have made a significant investment for HEVF 2 into the Munich office sector, a market we have been actively targeting for some time. Munich benefits from some of the strongest office fundamentals in Europe today, with demand also exceeding available volume and quality of space in the residential sector. Hines has a global track record of placemaking, based on employing our deep local-level relationships and a strong ground team who will lead the project. We are really excited to get going and create something very special.” 

 

Christian Meister, Managing Director for Hines Germany, said: “The office occupier market in Munich is exceptionally strong, and Fritz 9’s location in an established office submarket with excellent public transport links makes it an attractive location for a sustainable office-led mixed-use campus. Our project can meet local demand for high-quality spaces to work as well as to live, surrounded by great architecture. We will significantly improve and re-launch the Fritz 9 location and we will aim to attract a strong and vibrant tenant mix. As always, we are determined to enhance the community in which the asset is located, and we are pleased to be a part of Munich’s exciting and dynamic market.”

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