ATLAS comprises a landmark 14-storey tower, which is currently undergoing a complete refurbishment: it will also be extended with a newly constructed annex and parking facility, with a completion date of Q2 2019, when the closing of the deal takes place. The work includes a new, distinctive façade and several roof terraces. Some 92% of total space is already pre-leased to three tenants, led by Publicis Groupe.
“The ATLAS deal underlines our strategy to expand our office portfolio in prime locations in Tier 1 European cities. The Werksviertel district has become a sought-after business hub in Munich and we believe demand will escalate given the fundamentals driving the local market,” said Annette Kröger, CEO North & Central Europe at Allianz Real Estate. “To date, Allianz Real Estate has not invested in this district and, as such, this acquisition delivers compelling diversification benefits to Allianz’s office portfolio in Munich.”
Allianz was advised by Clifford Chance, EY, Colliers and CBRE Preuss Valteq, while Art-Invest was advised by GSK Stockmann and BNP Paribas Real Estate.
