Patrizia Immobilien announced that it has acquired a long-let office and hotel property in central Munich. The five-storey building is situated in the sought-after Maxvorstadt district of the city. The purchase price was undisclosed.
"The market in Munich is underpinned by a demand and supply imbalance driven by the area's popularity with both occupiers and tourists given its position in Munich's museum district meaning we have succeeded in making a sustainable real estate investment for our investors," explains Daniel Dreyer, Head of Acquisitions Commercial Germany at Patrizia. The seller is the Studio M Maxvorstadt GmbH & Co. KG, a joint venture between the Residia Group, Munich and the Lambert-Holding from Regensburg, which acquired the property in 2016 and sold it to Patrizia after full rental and tenancy work.
Built in 2000, the building is located on Sandstrasse - an established office location which also offers many attractions for tourists. The property comprises two basement floors, a ground floor as well as five upper floors, with a total area of around 7,300 m². It also has 37 underground parking spaces. The tenants are the Macromedia College of Higher Education, which has let the office space for a minimum of a further ten years, as well as the hotel operator Primestar Hospitality, which operates an 80-bed, 3-star lifestyle hotel on a 25-year lease.