We have made our first acquisition in Munich with the Gustav-Heinemann-Ring 212 (“Gustav”) office building located in the Neuperlach district.
The property has around 16,000 square meters of office, restaurant, and medical practice space. Most of it is leased to the company BSH Hausgeräte and the Federal Employment Agency. Good local amenities and modern communal and garden areas give “Gustav” an inviting campus character. We acquire the property for the fund Commodus Deutschland Fund II ScSp, RAIF and plans extensive investments in the property through modernizations as well as an upgrade of the asset through a specially developed ESG concept – culminating in a corresponding ESG certification. With the first purchase in the Bavarian capital, we are further advancing our target market strategy of acquiring existing, commercially used buildings in urban locations in Munich, as well as also in other European metropolitan areas.
We are pursuing the goal of optimally developing the individual urban potential of the ‘Gustav’ property whilst actively shaping the value creation for the users. The building structure is flexibly usable, thus enabling modern and innovative working environments. Supplemented by the excellent public transport connections at the nearby Neuperlach train station, we ensure the future viability of this thriving location. The property benefits from the southern Munich district of Neuperlach – a dynamic area with a large number of attractive project developments.
The partners involved in the transaction were Pöllath + Partners (Legal | Tax Germany), the law firm Hellriegel Rechtsanwälte (Public Law) as well as Bonn & Schmitt (Legal | Tax Luxembourg) and Brand Berger (Technical + ESG). The transaction was brokered by BNP Paribas Real Estate.
(Image: Burkhard Franke)
Abstract:
- “Gustav” is the first acquisition in Munich with the aim of acquiring further properties in the Bavarian capital
- 16,383 square meters of office, restaurant and medical practice space
- Flexible building design enables modern, future-oriented working environments
