QUEST Investment Partners has acquired an office and commercial building with around 3,400m² of rental space on one of Munich's most popular boulevards. The property at Leopoldstraße 7 in Munich was sold as part of an asset deal. The seller is Catella Real Estate AG, acting on behalf of the open-ended real estate fund Catella MAX. The parties agreed not to disclose the purchase price.
The property was built in 1982 and is located on the border of the districts of Maxvorstadt and Schwabing. On the ground floor, it accommodates the Italian restaurant Bar Giornale. The asset has been marked for redevelopment and will add about 4,000m². The design project by Allmann Sattler Wappner envisages the dismantling of the current roof and storage floors of the detached corner building and the construction of two new stacked floors with flat roofs and terrace areas on the 5th and 6th floors.
"We are delighted to have acquired this trophy asset with a view of the Siegestor gate in the fashionable Schwabing district. The property allows for a complete redevelopment, including the addition of new storeys and the redesign of the façade. With our refurbishment, we will once again demonstrate how we can carry buildings into the future with innovative concepts", said Jan Rouven Künzel, Managing Partner at QUEST Investment Partners.
