Zurich buys office complex in Munich
Zurich Insurance is further expanding its real estate portfolio in Germany. It has acquired the Montgelas Park office complex in Munich's Alt-Bogenhausen district from the Bavarian project development company Klappan.
The Core property was completed in 2013 and is LEED Gold certified in the category Core & Shell (LEED C&S). The leasable area of approximately 7,400 sqm is spread over six floors; the building also has a 500 sqm roof terrace and an underground parking garage. Both the office space with its high-quality finishes and the parking spaces are almost fully let.
The parties have agreed not to disclose the purchase price.
According to Zurich, it invests primarily in properties that are characterized by a special structural quality in a premium location on the one hand and have an attractive risk-return profile on the other. According to the insurer, the office complex in Munich meets these criteria perfectly.
Zurich was advised by the law firm Luther, Ernst & Young Real Estate and by the appraisal firm Stroh & Neuparth. (ah)
