In 2014, the Munich commercial property market remains one of the most important target markets for Union Investment. At the start of the year, the investment management company secured the Maximilianstraße 35 office and commercial property, one of the most prominent addresses within the sought-after Old Town area. Built in 1996, the 19,391 sq m complex, which comprises office, retail and residential space, will be added to the holdings of open-ended real estate fund Unilmmo: Deutschland. Union Investment acquired the property from an international asset manager. Details of the purchase price were not disclosed.
The five-storey building links Munich’s most prestigious shopping street with the Altstadtring ring road, with the prime address being reflected in the tenant mix and high-quality fittings. Currently let to 13 companies in total, including BNP Paribas and law firms White & Case and Allen & Overy, the property has an occupancy rate of approximately 75 per cent. The average lease term is 5.9 years. The excellent location promises high tenant retention and good reletting potential. The building combines the Old Town charm of Maximilianstraße with the modernity of the linear developments on Karl-Scharnagl-Ring and benefits from a high parking ratio of 243 spaces. The property is extremely accessible thanks to its four entrance areas and each storey can be divided into up to five rental units. The complex is located in the immediate vicinity of the Fünf Höfe CityQuartier development, which has been held by sister fund Unilmmo: Europa since 2003.
Source : Company