Quantum Global Real Estate and LaSalle Investment Management announced that Plaza Global Real Estate Partners, their joint venture, has acquired Atrium, an office building in Munich, from a German real estate fund asset managed by HIH Hamburgische Immobilien Handlung. This is the third acquisition Plaza has made since it was formed last year to invest in large real estate assets around the globe. With leverage, Plaza has $1 billion gross of initial buying power and targets quality long-term investments in excess of $100 million located in the world’s premier real estate markets.
Atrium comprises four adjoining office buildings arranged around a central atrium, located close to Munich’s “Mittlerer Ring” ring road and north-west of the city center. The flexible and efficient accommodation is arranged over six floors and totals over 43,000 m²; it is multi-leased to a number of high quality international tenants including Oracle that occupies approximately 45% of the space.
Jean-Claude Bastos, Chairman of the Advisory board of Quantum Global, said: “We are delighted to have acquired a third prime property in partnership with LaSalle, and our first in Germany, Europe’s largest economy. This deal is further evidence of Plaza’s range and signals Quantum Global Real Estate’s growing international presence.”
Simon Marrison, Europe CEO, LaSalle Investment Management, said: “This purchase builds upon Plaza’s strategy of seeking high quality modern buildings in global cities with strong occupier markets and sound long-term fundamentals. With assets already in London and New York, we are excited about the composition of Plaza’s expanding portfolio.”