ABG Real Estate Group, in collaboration with HanseMerkur Grundvermögen, has brought together a consortium of German institutional investors which has acquired the “QUBES” office property in Munich-Moosach, within the Olympia Business District. The financing partner is BayernLB, and the seller is a project company currently undergoing insolvency proceedings under its own administration. The parties have agreed not to disclose the purchase price.
A modern complex of buildings offering high-quality space
‘QUBES’, also known as Munich’s IT Town Hall, is a modern complex of buildings at Agnes-Pockels-Bogen 27/33, due for completion in 2023. The five interconnected building blocks, each with up to five above-ground storeys and two basement levels, form part of the Technology Campus Munich and comprise around 25,000 square metres of lettable space. They are fully let to the Bavarian capital’s information and telecommunications service centre, IT@M, and have an exceptionally long-term lease structure, with a weighted average remaining lease term (WALT) of 30 years.
The property is of a high standard and boasts high-quality, modern office and administrative spaces. ‘QUBES’ holds the ‘DGNB Gold’ and ‘LEED Gold’ sustainability certificates. The property comprises 341 underground parking spaces and 5 outdoor parking spaces. Bicycle parking spaces are also available.
HanseMerkur Grundvermögen will advise IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH on fund management in future, whilst ABG Real Estate Group will be responsible for asset management. As the investor group has already been finalised, the investment fund is not currently being marketed.
Malte Andes, Deputy Chairman of the Executive Board at HanseMerkur Grundvermögen, explains: “The ‘QUBES’ project offers a rare combination of cash flow that can be planned for the very long term, a high degree of income security and sustainable value stability. Combined with the highly sought-after location, this results in an investment profile that offers a high degree of long-term planning certainty, particularly for investors seeking security.”
Ulrich Höller, Managing Partner of ABG Real Estate Group, emphasises: “The long-standing collaboration between HanseMerkur Grundvermögen and ourselves is a key factor in the success of this transaction, in which we are able to act as a solutions provider for institutional clients. On this basis, we have succeeded in laying the groundwork for the joint acquisition of the property.”
Well-established location with good transport links
‘QUBES’ is situated in the economically vibrant north-west of Munich, where numerous well-known large companies and DAX-listed corporations have established themselves. Thanks to the nearby Georg-Brauchle-Ring and Westfriedhof underground stations, the property enjoys good links to the Bavarian capital’s public transport network. It also has access to the Mittlerer Ring, and the A8 and A99 motorways are within easy reach.
From a legal perspective, the buyer was advised on the transaction by McDermott Will & Schulte Rechtsanwälte Steuerberater LLP. IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH will act as the capital management company (KVG) going forward.
