Office and hotel property in Munich
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PATRIZIA acquires office and hotel property in Munich.
Augsburg/Munich, August 31, 2017 – PATRIZIA Immobilien AG has acquired an office and hotel property in a very good location in Munich. The five-storey building in the highly sought-after Maxvorstadt district is let on a long-term lease. “Thanks to the exceptionally good macro and micro location and the long-term leases, we have succeeded in making a sustainable real estate investment here for our clients,” explains Daniel Dreyer, Head of Acquisitions Commercial Germany at PATRIZIA. The purchase is being made for a real estate fund managed by PATRIZIA. The seller is Studio M Maxvorstadt GmbH & Co KG, a joint venture between the Residia Group, Munich, and Lambert-Holding from Regensburg, which acquired the property in 2016 and sold it to PATRIZIA after full occupancy and tenant fit-out work.
Built in 2000, the building is located in Sandstrasse in an established office location and an interesting tourist location. The property has a total of two basement floors, a first floor and five upper floors, plus a staggered storey. The total area amounts to around 7,300 square meters. The property also includes 37 underground parking spaces. The tenants are the Macromedia University of Applied Sciences, which intends to use the office space for at least ten years, and the hotel operator Primestar Hospitality, which operates a 3-star lifestyle hotel with around 80 rooms here. The lease runs for 25 years, meaning that the remaining lease term for the entire property is more than 15 years.