Warburg-HIH Invest Real Estate has acquired the six-storey Dantehof office scheme in Munich’s Moosach district. The acquisition took the form of an asset deal earmarked for a closed-end investment fund. The property was sold by an open-ended special property fund that is managed by DIC Asset AG via its subsidiary GEG.
Located at Hanauer Strasse 1, the office building has a lettable area of around 10,600m² plus 89 underground parking spots. The main tenant of the fully let multi-occupancy property is the City of Munich on a long-term lease of more than ten years. Other blue-chip tenants of Dantehof, which is located north-west of Munich’s inner city, include Maurer Electronics, the AWM municipal waste management company, and international communications service provider Ericsson. The weighted average remaining lease term (WALT) is 6 years. It was agreed not to disclose the selling price.
“In addition to its great location, the property is characterised by its modern and efficient rental units with their flexible structures. In fact, we believe the property still has some rent upside potential precisely because of its flexible floor plans, its high quality and its sub-average rent level,” said Hans-Joachim Lehmann, Managing Director of Warburg-HIH Invest.