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.

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