Credit Suisse AM buys Correo Quartier in Munich
Credit Suisse Asset Management Global Real Estate has acquired a 45,000 sqm building complex directly adjacent to Munich's main train station.
The property is the mixed-use Correo Quartier, built in 1992. It comprises the square between Bayerstrasse 49-53, Paul-Heyse-Strasse 7 and Schwanthalerstrasse 46-50 directly adjacent to Munich Central Station.
The seller is Postbank, which currently uses a large part of the space itself and will lease the building complex back until the renovation and development measures are started. According to Credit Suisse, it is currently examining how the building can be used in the future.
The first floor of the Correo Quartier houses stores and restaurants, while the floors above are used as offices. The building complex also includes a medical center and around 500 parking spaces.
"The location directly next to the main train station in combination with the dimension of the property offers enormous potential, which is supported by the positive market development in Germany, especially in this micro location of Munich," says Christoph Schumacher, Head Global Real Estate, Credit Suisse Asset Management.
BNP Paribas Real Estate brokered the transaction. According to German industry media, the purchase price is said to be around 280 million euros.
