Pembroke Real Estate has announced the acquisition of Altstadt Palais, an office building with 9,584 m² of net rentable office area, located in Munich's prime business district on Karl-Scharnagl-Ring. This is the second Munich acquisition facilitated by Pembroke on behalf of its investors, following the acquisition of the Lorenzistock building in January.
The immediate area is populated with prestigious historical buildings and government institutions, including the Bavarian State Chancellery and Bavarian State Opera, and nearby English Gardens. Furthermore, the property's prominent position on the Karl-Scharnagl-Ring provides excellent access to public transportation, as well as to major highways and Munich Airport.
Designed by architects Auer + Weber and developed by Accumulata Immobilien Development GmbH, Altstadt Palais was completed in September 2008 and built to international standards in terms of high quality finishes, modern and energy-efficient building systems, and a sound-insulated facade.
Fully occupied, the property features grade-A office accommodation on six upper levels, as well as a roof terrace, 81 parking spaces and four levels of basement storage. The asset is one of only a handful of modern office buildings in the city center that provides large, efficient floor plates.
"Fully leased with long-term tenants, Altstadt Palais presents a prime asset in an excellent central Munich location," said Johannes Haug, Senior Vice President and Managing Director for Europe at Pembroke Real Estate.
"Munich's diverse industry base, coupled with the CBD's constrained supply and low vacancy rate, offers excellent long-term investment potential and we look forward to continuing to seek high quality, core office assets in the city."
Pembroke acted as advisor to the purchasers in the acquisition, which was structured as an acquisition of the shares of the company owning Altstadt Palais. Law firm Sammler Usinger advised Pembroke during the transaction.
Source: Pembroke Real Estate