SEB Asset Management has signed a 15-year lease with the OBI home improvement chain for the “Am Gleisdreieck” property in Munich. The lease contains a triple extension option for a period of five years in each case. BNP Paribas Real Estate acted as the agent.The two-storey building with approximately 10,700 sqm of retail space is located on the western edge of Munich, only a few minutes away from the city centre by car. There are 337 parking spaces outside the building.
SEB Asset Management acquired the building shortly after completion in 2010 for its open-ended real estate fund, SEB ImmoPortfolio Target Return Fund. Now, after Praktiker AG became insolvent, SEB Asset Management has succeeded in signing an immediate follow-on lease for the building. “The speed with which we signed a new lease demonstrates the property’s quality and its good location”, said Axel Kraus, the SEB Asset Management managing director responsible for real estate management.
Source : Company