IMAXXAM, the independent partner for the management of real estate funds, is expanding its fund "German Small Asset Invest II" (GSAI II) with the acquisition of the "Cityflow" office building in Munich's Schwabing district. The completely renovated property in Ungererstraße has around 8,215 square metres of rental space spread over six floors and 101 underground parking spaces. The office building is fully let to the main tenant Volkswagen. The seller of the property is a closed-end mutual fund of Real I.S. The transaction was structured as an asset deal.
Nina Homeyer, Managing Director at IMAXXAM, explains: "With the 'Cityflow', we are securing a modern office building in one of the most sought-after locations in Munich. It impresses not only with its excellent connection to the underground network and the Mittlerer Ring, but also with its flexible floor plan. Particularly attractive for our investors is the tenant with a strong credit rating and loyalty to the location. In addition, the property already meets a high level of ESG compliance thanks to its district heating connection, e-charging stations and windows including thermal insulation and louvered sun protection. Nevertheless, the aim is to leverage further future-oriented potential together with the tenant and to develop the property even more sustainably, making it an ideal fit for our investment strategy in the core segment."
The "Cityflow" building was built in 1986 and completely renovated in 2009. In 2016 and 2022, further renovation measures took place in the six-storey property. In the course of this, the façade and furnishings were brought to a high-quality standard. Generous window areas ensure a bright working atmosphere, and the flexible space layout enables efficient use of space in which all modern office forms can be represented. The barrier-free building is heated with district heating and cooled by two air conditioning units. The majority of the 101 underground parking spaces are equipped with e-charging stations.
The location of the "Cityflow" in Munich's Schwabing district is characterized by very good public transport connections: The underground station "Nordfriedhof" (U6) is only a few meters away, as are several bus lines. The relevant Mittlerer Ring traffic artery can also be reached quickly by car, providing good connections to the city centre, Munich Airport and other motorways. In the immediate vicinity there are numerous gastronomic offers, shopping facilities and the English Garden, which makes the Schwabing district a sought-after location for companies.
The legal and tax due diligence was accompanied by NOERR, the technical and environmental review by W+S Real Estate Services. Colliers advised the seller.
