INTERNOS sells MKV in Munich to MCAP Global Finance on behalf of BGP (DE)

INTERNOS Global Investors Limited (“INTERNOS”), the €4 billion owner-managed real estate fund management firm, has sold MKV, a mixed-use retail/logistics asset in inner Munich, Germany, to an affiliate of MCAP Global Finance, Ltd., a wholly owned subsidiary of New York based investment adviser Marathon Asset Management. The disposal was completed on behalf of BGP Investment, the former joint venture between Australian companies Babcock & Brown and the GPT Group.
The asset is located at 161 – 179 Landsberger Strasse in Munich and comprises 4.4 hectares of land with 57,657 m² of lettable space as well as 609 car parking spaces. The property is well-let and anchored by Bauhaus, which occupies a 13,200 m² unit. Other tenants include Galeria Logistik (Kaufhof), Zeitlager Self Storage, Prosegur and Staples.
Mark Dunstan, Managing Director of BGP, said: “This sale is consistent with our strategy of selling non-residential assets to free up capital for reinvestment in our residential portfolio as markets recover, ahead of an eventual return of equity to shareholders. We have achieved some significant asset management successes and are pleased with the outcome of this transaction.”
Jos Short, Executive Chairman of INTERNOS Global Investors added: “Since taking over the mandate for BGP nearly five years ago, we have completed more than €1 billion of sales from the €1.2 billion portfolio. This latest sale is in line with our strategy of maximising shareholder value by trading commercial property assets when pricing meets BGP’s expectations.”
Reed Smith and Pohlmann & Company advised vendor and purchaser respectively.
Source: Tavistock Communications