The "Panda" office building in Munich's Werksviertel district has been completed and transferred to Union Investment's portfolio. The purchase was made in 2021 as part of a forward funding arrangement, half for the special real estate fund UII German Prime Select and half for UII MSI ges. InvKG, which is managed by Union Investment on behalf of Bayerische Versorgungskammer. The project developer and seller was PANDION AG.
The office building has been leased for 15 years to the Bundesanstalt fur Immobilienaufgaben for use by the German Patent and Trade Mark Office, which moved in with its 1,500 employees at the beginning of this year.
"Panda is an attractive new addition to our portfolio. The Bavarian capital ranked at the top of the German office markets in 2024 with a take-up of over 600,000m2, ahead of Berlin. Only around three per cent of the buildings in the Werksviertel are currently vacant, with prime rents of €40 per m2 and more. It is the most up-and-coming submarket in Munich," said Alejandro Obermeyer, Head of Investment Management DACH at Union Investment
The c. 45,000m2 complex on the former Zundapp production site has a striking, prestigious design with high-quality spaces. It is conveniently located on the southern edge of the factory district, east of Munich city centre in the immediate vicinity of Ostbahnhof, the third largest railway station in Bavaria, and thus in an environment that is also attractive for employees after work. "Panda" is also very well connected to public transport, with several underground, S-Bahn and bus stops within walking distance.
Image source - Union Investment.
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