Patrizia has acquired a mixed-use trophy asset in Munich, Germany, from Rock Capital Group (RCG), on behalf of its institutional clients.
Lenbachplatz 6 is a 3,053 sq m listed building, built in 1904 by the prominent German architect Emanuel von Seidl. A state-of-the-art refurbishment of the property was undertaken in 2019, which included modernising the building’s facilitates, as well as installing new windows and renovating the roof to maximise energy efficiency.
Patrizia aims to secure BREEAM certification for the asset to track its sustainability performance going forward.
The 2,100 sq m of office space across five floors is fully let to the well-known international law firm Orrick, Herrington and Sutcliffe, while the ground floor retail provision is let to Calligaris, the luxury furniture store. The multi-tenanted building has a WALT of 10 years, providing long term reliable income.
Situated in the borough of Altstadt-Lehel, the building is in a highly desirable location five minutes’ walk from Munich Central Station, which connects the city to Munich International Airport. Lenbachplatz is also in close proximity to Munich’s tram and underground network, as well as nearby retail and tourist attractions, including the city’s historic central square, Marienplatz.
“With the investment in Lenbachplatz we have acquired an important piece of Munich’s history and a trophy asset in the city centre. This investment aligns with our strategy of purchasing high quality Core assets in sustainable locations that deliver reliable, long term income to our managed portfolio. The property also increases our exposure to one of the strongest real estate markets in Germany and we continue to look for further investment opportunities that meet our Core criteria for this strategy,” said Daniel Dreyer, Head of Transactions DACH at Patrizia.
The transaction was brokered by Cushman & Wakefield, with legal counsel from Clifford.