The London office of Hines, the international real estate firm, has announced that the Hines Pan-European Core Fund (HECF) has acquired Campus Building E of the Uptown München complex from Düsseldorf-based SIGNA Property Funds. This was the first acquisition for the Hines-managed fund, which had its first closing in early June of this year.
"We are very pleased to have the opportunity to purchase this superior property, with timeless architecture and a high-quality tenant in a growing city like Munich," said HECF's fund manager Andreas Schreurs. "This represents a unique opportunity for HECF to acquire early on in the life of the fund a well-located asset in Germany that has all the traits of a Hines-developed Class A office building."
SIGNA board member Frank Tölle said, "The overall positive development of yields in Germany, and especially in Munich, was the crucial factor for our decision to sell the building. Equally important was the rapid improvement of the micro-market at the Uptown München complex, with its 50,000-m² high-rise building being leased to the international tenant O2."
Uptown München is a five-building office complex that contains an office tower and four smaller campus buildings. It is located in the northwestern part of Munich next to the Olympic Stadium and close to the BMW headquarters. It was designed by German architect Christoph Ingenhoven and was developed by Hines. Completed in 2004, Campus Building E is one of the project's seven-story campus buildings that contains approximately 8,525 m² of mostly office space and a two-level underground parking structure. The building is 100 percent leased to the German headquarters of the British/Spanish telecommunication firm, O2.