Tishman Speyer, the global real estate owner, developer and investor, announces an agreement to acquire Elisenhof, an office and retail complex covering an entire block in the center of Munich from Bayerischen Bau und Immobilien Gruppe. The property includes over 40,000 m² and adjoins Munich Central Railway Station, including a direct link to the station under ground. Tishman Speyer has acquired the asset on behalf of its TSEV value-added fund.
Built in 1984 and extensively refurbished in 2002, Elisenhof includes 28,000 m² of office space and 12,000 m² of retail area, arranged as a Mall extending over three levels. In addition, a 395-space parking garage, located in the basement of the property is available to both tenants and the general public. Anchor tenants in the property include Landeshauptstadt München, BDO Deutsche Warentreuhand AG and Citibank Privatkunden AG.
Commenting on the acquisition, Michael Spies, Tishman Speyer's Head of Europe, said: "Elisenhof is the fourteenth acquisition we have made in Germany this year and demonstrates our ongoing commitment to this market. The market fundamentals continue to improve and our long-established local presence ensures we are wellplaced to capitalise on this upturn. Elisenhof was acquired by our European valueadded fund, TSEV, which itself has made fourteen investments across France, Germany and the UK, valued at approximately €1.8 billion."
This latest addition to its portfolio brings the total space acquired by Tishman Speyer in Europe in 2006 to 521,000 m², and includes Lumière (Paris), CityPoint (London) and the Nautilus portfolio (Germany).
Tishman Speyer was advised by Clifford Chance. Bayerische Bau und Immobilien Gruppe was advised by Glock, Liphart, Probst. CB Richard Ellis acted as investment broker.
Source: Tishman Speyer