Catella Real Estate, acting on behalf of the special fund "Catella MAX", has completed the sale of the mixed-use property "Pasinger Triangel" in the Munich district of Pasing. The buyer is the German life insurance company the LV 1871 (Lebensversicherung von 1871 a. G. Munchen). The parties have agreed not to disclose the purchase price.
The five-storey residential and commercial building totalling 3,224m² has an attractive mix of uses and tenants with commercial and office space, a restaurant, a day-care centre and 33 rental apartments. The scheme benefits from close proximity to the Pasing railway station, which provides easy access to regional and long-distance transport.
"With the sale, a total return of more than 20% p.a. was achieved for our investors over the holding period of around nine years. The capital freed up by the transaction will be reinvested in the portfolio properties of the investment fund," said Henrik Fillibeck, Spokesman of the Management Board of Catella Real Estate AG.
"The property is a perfect match for our capital investment, which is geared towards sustainability and continuity and is characterised by a high real estate ratio," said Wolfgang Reichel, CEO of LV 1871.
