Ardian to acquire Munich office complex
Ardian has signed an agreement to acquire the Wappenhalle office premises and business park complex in Munich from publity AG for an undisclosed sum. The deal is the first investment made by Ardian Real Estate’s new AREEF fund.
The complex around the historic Wappenhalle, which comprises 33,700 sqm of office space, 1,200 sqm of warehousing, and 544 parking spaces, is located directly opposite the new Munich convention and exhibition center in München-Riem, the city’s convention center district. It’s also situated close to Munich’s third-biggest shopping mall, the Riem-Arcaden.
With a total of 24 firms renting space, the property has a diversified, long-term tenancy structure. Ardian Real Estate is planning to increase the value of this asset through active asset management.
The acquisition is in line with Ardian Real Estate’s investment strategy to focus on major cities in the eurozone’s three largest economies, Germany, France and Italy, where Ardian already has an extensive background in direct private investment. Ardian Real Estate will target significant commercial property assets – particularly office complexes and inner-city mixed-use units – which are worth on average more than €100m, in the core-plus and value added segments.
”Munich is one of Europe’s most interesting real estate investment locations. The increasing number of companies setting up in the region serves to create strong long-term demand for commercial real estate in what is already a fiercely competitive market,” said Bernd Haggenmüller, managing director at Ardian Real Estate.