PGIM Real Estate has completed the sale of Westend Yards at Hansastrasse 24-36, a 32,000m² office property in Munich, on behalf of its European value-add strategy. A six-story property is located in the well-established office market of Westend, within close proximity to Munich’s central business district with nearby access to motorways and local metro lines.
This sale completes the company’s disposition of the Triple Portfolio, which was acquired in 2016 and comprised two additional assets in Munich located in Neuperlach and near Ostbahnhof. Together, they comprised approximately 58,000m² of rental area with an average 5% vacancy rate. The purchase price was not disclosed.
“The sale of the Triple portfolio represents the successful deployment of PGIM Real Estate’s strategy to uncover value in non-CBD office locations across Europe, particularly in Germany,” commented Sebastiano Ferrante, head of Germany and Italy. “In many of Europe’s major office markets, factors such as rising demand, low supply growth and falling vacancy—along with an ageing profile of existing stock—point to the ongoing attractiveness of strategies that seek to create value through active asset management or repositioning strategies. We are pleased with the value we created for our investors with this portfolio.”
