BNP Paribas REIM aquires Art Déco Palais in Munich

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BNP Paribas REIM, European real estate line for the French asset manager BNP Paribas has acquired the Art Déco Palais in Munich on behalf of one its real estate investment funds.

The 41.000 m² office building is situated close to Munich central station, it is currently fully let, tenants include Deutsche Post as well as HR, bank, insurance and energy companies.

BNP Paribas REIM did not disclose the exact purchasing price but suggested that the building exchanged owners for price in the lower three-digit million Euro range, the firm has already purchased a Renaissance building in the neighbouring area last year.

ABOUT THE AUTHOR
Mona Dohle
Mona Dohle speaks German and Dutch, she is DACH & Benelux Correspondent for InvestmentEurope. Prior to that, she worked as a journalist in Egypt and Palestine. She started her career as a journalist working for a local German newspaper. Mona graduated with an MSc in Development Studies from SOAS and has completed the CISI Certificate in International Wealth and Investment Management.

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