Europa Capital, together with its local partner Bayern Projekt, have committed to acquire the Telefónica Germany headquarters located at Georg-Brauchle-Ring 23-25, Munich.
The 42,000 m² office building is prominently located on the central beltway “Mittlerer Ring” near the Olympiapark, and is fully leased to Telefónica until 2018.
Europa Capital and Munich-based Bayern Projekt have formed a joint venture for the purposes of this investment and will conduct a comprehensive refurbishment programme upon expiry of the Telefónica lease.
Nic Fox, Partner and Head of Middle Europe at Europa, commented: “This investment underlines Europa’s capacity to secure attractive assets for its investors in one of the most competitive European markets. New supply is severely constrained in Munich and we will be delivering, post refurbishment, a high quality, sustainable product, adapted for multi-occupancy.”
Sven Renz, Managing Partner of Bayern Projekt, added: “We are pleased to invest alongside Europa in this exciting opportunity, which complements our existing development portfolio in Munich and presents an exciting opportunity to repeat recent success stories in the immediate neighbourhood. The asset has an efficient layout for a multi-tenant conversion and boasts unique features including an outdoor recreation area and roof terraces with a spectacular view over the city and the Alps.”
Colliers advised the seller and Regent Gordon and Clifford Chance advised Europa.
