Union Investment has acquired a 50% share of the KONRAD campus property in the east of Munich as part of a joint venture transaction. The property comprises around 38,000m² and the acquisition is being made on behalf of the Urban Campus Nr. 1 special AIF established jointly by Union Investment and Investa Capital Management (ICM). The vendor is an investment company Ardian, which has successfully repositioned the office complex in recent years. The parties to the transaction agreed not to disclose the purchase price.
The KONRAD campus property consists of the heritage-protected “Wappenhalle” hall, dating from 1939, and ten interconnected buildings grouped around a central courtyard. Parking for 544 cars is also available. At the time of the acquisition, the property had 30 tenants and an occupancy level of 98%. As with all properties in Urban Campus Nr. 1, Investa Real Estate will handle on-site property and tenant management as the campus manager. The 50% stake in KONRAD is the fifth acquisition for Urban Campus Nr. 1, following four single-asset deals in Furth, Nuremberg, Constance and Mannheim.
KONRAD is located in the Technologiepark West complex, which forms part of the regenerated Messestadt Riem district and has excellent links to the nearby A94 motorway. Union Investment already owns the Riem Arcaden ensemble at the same location, which was completed in 2004 and most recently extended in 2018 to comprise 122,500m² of rental space.