Real I.S. Investment GmbH, has acquired Charles-de-Gaulle-Straße 2-3 in Munich’s Neu-Perlach district for its Southern Germany funds. The mixed use asset was purchased from a vehicle managed by Jargonnant Partners, advised by international real estate advisor Savills.
Built in 1993 and refurbished in 2013, the scheme totals 8,000 m² of which 6,100 m² comprises offices, 920 m² of retail and 980 m² of residential space.
Alexander Zahrt, director of investment at Savills Germany, comments: “Charles-de-Gaulle-Straße 2-3 is an attractive mixed-use space which generates a strong secure income. We advised Jargonnant Partners on their acquisition of the scheme in 2011 when vacancy was at 80%, it now boasts on occupancy rate of 93%, demonstrating one of the best examples of a value add investment strategy in the market.”
Andreas Wende, head of investment at Savills Germany, adds: “The Munich investment market is very strong currently with volumes up 13% in H1 2014 at €1.6 billion compared to H1 2013. The market is booming, with one record deal surpassing the next.”