| Union
Investment has acquired a 50 per cent share of the KONRAD campus
property in the east of Munich as part of a joint venture transaction.
The property comprises around 38,000 sq m and the
acquisition is being made on behalf of the Urban Campus Nr. 1 special
AIF established jointly by Union Investment and Investa Capital
Management (ICM). The joint venture partner is Service KVG HANSAINVEST,
which administers LBBW Immobilien’s Germany Diversified
Core+ special fund. The vendor is investment company Ardian, which has
successfully repositioned the office complex in recent years. The
parties to the transaction agreed not to disclose the purchase price.
The
KONRAD campus property consists of the heritage-protected “Wappenhalle”
hall, dating from 1939, and ten interconnected buildings grouped around
a central courtyard. Parking
for 544 cars is also available. At the time of acquisition, the
property had 30 tenants and an occupancy level of 98 per cent. As with
all properties in Urban Campus Nr. 1, Investa Real Estate will handle
on-site property and tenant management as the campus
manager. The 50 per cent stake in KONRAD is the fifth acquisition for
Urban Campus Nr. 1, following four single-asset deals in Fürth,
Nuremberg, Constance and Mannheim. LBBW Immobilien’s Germany Diversified
Core+ special fund holds seven other properties in
addition to this joint venture.
KONRAD
is located in the Technologiepark West complex, which forms part of the
regenerated Messestadt Riem district and has excellent links to the
nearby A94 motorway. Union
Investment already owns the Riem Arcaden ensemble at the same location,
which was completed in 2004 and most recently extended in 2018 to
comprise 122,500 sq m of rental space.
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