ING Real Estate has acquired the Altezza office development project from HOCHTIEF Project Development. The property, located in the Westend district of Munich, will be the fourth German property added to the ING European Office Fund.
The Altezza office building in Munich.
Altezza, located on the corner of Barthstrasse and Ecke Landsberger Strasse, will include floor space of around 22,000 m² and 283 parking spaces. The property, featuring modern architecture and design by a+p architects, provides excellent exposure to the Munich office market and is scheduled for delivery in Q1 2009.
The acquisition is ING Real Estate's second transaction with the HOCHTIEF Group following the purchase of the landmark WestendDuo high-rise towers in Frankfurt am Main at the end of 2006.
"This office property is centrally located in Germany's most economically vibrant city and represents a highly-attractive investment opportunity," said Leo Weidenaar, Fund Manager, ING European Office Fund.
Source: ING Real Estate