Union Investment has sold an office building at Landsberger Straße 368-374 in Munich for around €100 million.
The property, which was completed in 2003, has a rental area of around 23,700 m² and 325 parking spaces and is currently fully let.
The buyer is a subsidiary of APL Europe GmbH, a private company that invests in real estate, renewable energies and private equity transactions – since 2019 also in Germany. The company has offices in Munich, Berlin and Luxembourg.
“In the interest of our investors, we took the opportunity of the sale in Munich to further rejuvenate our real estate portfolio,” said Alejandro Obermeyer, Head of Investment Management DACH at Union Investment. “Munich is still regarded as one of the most dynamic German A-cities, which has recorded continuous rental growth over the past few years, and remains highly attractive for us even after the sale.”
Peng Zhang, Managing Director of APL Europe, adds: “This transaction is part of the successful implementation of our growth strategy, which is aimed at acquiring high-quality real estate in Major German cities. We will continue to pursue this path consistently. The market continues to offer us attractive opportunities, so we will continue to expand our portfolio in Germany in the future.”
