Swiss Life and Universal-Investment acquire prime Munich office complex (DE)

Swiss Life and Universal-Investment acquire prime Munich office complex (DE)

Swiss Life Asset Managers and Universal-Investment, in cooperation with Corpus Sireo Real Estate, have acquired "Oskar" office scheme in Munich, Germany. Universal-Investment invests in the office complex on behalf of a fund of the Bayerische Versorgungskammer and Swiss Life Asset Managers is acting on behalf of a fund of Swiss Life, German branch. Corpus Sireo will act as an asset manager. The vendor is Hines. The parties have agreed not to disclose the purchase price.

 

Designed by Richard Meier, the fully let office complex at Oskar-von-Miller-Ring 20 comprises six upper floors and three lower floors with a total gross floor area of around 26,000m² and almost 250 underground parking spaces. Previously occupied by Siemens since 1999, the property was recently completely refurbished. Current tenants include Conde NastWeWork and Amazon Web Services

 

Roy Brummer, Head of Investment & Transaction, Corpus Real Estate, says: "The Oscar is a rare investment opportunity in Germany's strongest office market. We are therefore pleased to be able to secure a particularly sustainable investment for the new owners that corresponds to the investment philosophies of both partners."

 

"We have succeeded in taking Oskar into the age of digitalisation and creating modern, flexible and sustainably usable Class-A office space. The property offers buyers a first-class property in an extremely sought-after location. In addition, full letting guarantees long-term security. We are delighted to have found two well-known buyers for the future continuation of the project in the form of the Bavarian Versorgungskammer and Swiss Life," said Jeanette Hesser, Director Asset Management of Hines in Luxembourg.

 

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