Le mie ricette per la real estate communityBarings, one of the world’s largest diversified real estate investment managers, has acquired the Machtlfinger Hoefe office complex in Munich, southern Germany. The asset was acquired in an off-market deal from CONREN Land AG. The parties agreed to keep the purchase price confidential.
The office complex in the Obersendling district encompasses around 21,800 m² of rental space across three buildings. Built in 2003, the asset offers flexible and high-quality office spaces and is nearly fully occupied.
Machtlfinger Hoefe is located southwest of Munich’s city centre. It has easy access to the city’s local train network via the directly adjacent underground station Machtlfinger Strasse. The location is set to profit in the medium-term from several new office and urban quarter developments nearby, including the redevelopment of the Ratzingerplatz square and the construction of a new tramline, adding to the institutional character of the asset.
“With over 20 tenants in the property, we have a very diversified income stream and at the same time significant value-add potential through new leases and extensions over the next ten years. Additionally, we are exploring technical optimisation and will implement measures to receive a sustainability certification for the building. It is also located close to the DIE ZENTRALE office building, which we acquired in 2018 as part of our value-add strategy and have since successfully repositioned,” says Sascha Becker, Country Head Germany at Barings.
Gunther Deutsch, Head of Real Estate Transactions – Europe at Barings, adds: “This transaction is our fourth office deal in Europe this year, following the acquisition of a property in Stockholm, a development in Italy and a German office portfolio. It underlines our continued conviction in office assets that are high quality and in excellent locations, which meet our investment criteria.”
Source : Company