A joint venture between Union Investment and Service KVG Hansainvest has acquired KONRAD, an office campus property in the east of Munich from Ardian, a private equity investment firm. The parties to the transaction agreed not to disclose the purchase price.
The KONRAD office campus property in Munich comprises around 38,000 sq m and 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.
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Union Investment said it has acquired 50 percent stake in KONRAD and the acquisiton is being made on behalf of the Urban Campus Nr. 1 special AIF established jointly by Union Investment and Investa Capital Management (ICM). This is the fifth acquisition for Urban Campus Nr. 1, following four single-asset deals in Fürth, Nuremberg, Constance and Mannheim.
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.