Sonar Real Estate (Sonar), in a joint venture with a global institutional investor, has acquired an office property in Munich from Global Gate Capital (GGC).
The contemporary property, comprising three buildings constructed between 2001 and 2004, is located at Zielstattstrasse 42, 44, and 48 in the burgeoning district of Obersendling in the Bavarian capital. It has a total floor area of c. 21,000m2.
The anchor tenant is Daiichi Sankyo with the current occupancy rate at around 90%. The property, situated on a plot of c. 7,900m2, includes 258 car parking spaces and is connected to Munich's city centre via suburban train (S-Bahn) and subway.
Rudy Sayegh, CEO of GGC, commented: “Our strategy focuses on creating long-term value for our international client base. The successful sale of our Munich office building is a superb validation of our ability to locate attractive office properties and implement our business plans, even under challenging market conditions. Germany has been central to our real estate investment strategy and will remain so for the foreseeable future.”
Christoph Wittkop, CEO and Managing Partner of Sonar, continued: “Especially in this environment and despite the uncertainties, we see increasingly good opportunities for attractive acquisitions on the German office market. The general situation is challenging - but the deals are getting more interesting from our point of view. We have the experience and capacity to leverage value even in this environment. The transaction also shows that we have established ourselves as a local partner for national and international investors in Germany due to our know-how and our close network.”
Maximilian Link, Head of Germany Real Estate at GGC, added: “Following the sale of the ‘Westend Carree’ office building in Frankfurt in 2020, this is the second successful exit from our office portfolio in Germany, evidencing the transactional strength of our teams and our robust local network. We are delighted with the sale to Sonar Real Estate, one of the leading institutional partners in Germany. We remain confident in the German market and will continue to invest capital across various sectors, actively pursuing value.”
Holger Hosang, Managing Partner and Co-Head Transaction & Asset Management at Sonar, said: “The acquisition of this prime property in Munich aligns perfectly with our strategy of investing in high-quality real estate with strong anchor tenants and value increase potential.”
Sonar's transaction was advised by Ashurst on legal matters, and DK Real Estate on technical issues. CBRE and Agradblue assisted in commercial and ESG due diligence, respectively. Bryan Cave Leighton Paisner LLP acted legally for GGC, while Altavis handled the transaction's tax aspects and Drees & Sommer were involved in technical matters. Cushman & Wakefield served as the brokerage firm.
