HIH Invest Real Estate acquired an office property development in a sought-after location in Munich that is intended for multi-tenant occupancy. The property was sold by its developer, Metropolian R1 GmbH & Co KG. Located in the Westend district of Munich, the property has a lettable area of 7,239m² and is fully pre-let. About 80% of the floor area was rented by BNP Paribas Consors Finanz. The rest of the floor area will house the new offices of the property management of developer Metropolian Liegenschaften GmbH. The completion is scheduled for the fourth quarter of 2022. It is planned to seek a BREEAM Excellent certification.
“The property development impressed us with its modern, efficient rental units, whose flexible basic structure can be customised to the needs of the office occupiers, thereby providing us with great alternative use potential. The blue-chip main tenant, BNP Paribas Consors Finanz, is certain to generate a secure long-term cash flow and attractive net cash-on-cash returns,” said Nadine Robra, Team Leader Transaction Management Germany at HIH Invest.
“I am glad that we succeeded in planning an attractive and architecturally appealing office scheme in Munich’s Westend together with our architects of Oliv GmbH Thomas Sutor Architekt, and to find a buyer in HIH Invest who has faith in the project,” said Stefan Pfender, Managing Director of Metropolitan.
“As one of the first movers with a high-quality office investment in a fast-growing submarket, we expect to benefit seriously from the future development of the surrounding area. In addition, the investment adds to the regional diversification of the fund, which invests primarily in office assets in the UK, in Austria, France and Germany,” said Oliver Scholtz, Senior Fund Manager at HIH Invest.