KCM Group sells top property in Munich

The Zug-based KCM Group has recently acquired a commercial property at Maximilianstrasse 12-14 in Munich to Centrum Holding Germany. KCM had exclusively commissioned the Real Estate Advisory Team of UBS in Zurich with the marketing and transaction advisory; Centrum was advised by the real estate service provider Comfort from Munich advise.

According to German media reports, the purchase price is said to be around 250 million euros; the price per square metre is rumoured to be 42,000 euros. Officially, this price is not confirmed by the parties involved in the transaction.

Interest in the property and the willingness of investors to pay for it was "enormously high", reports Sandro Beffa, Head of UBS Sell-Side Advisory: "Various national and international investors were clamouring for the property. This is despite the low yield - Munich's Maximilianstrasse is on a par with Zurich's Bahnhofstrasse in this respect - and the extremely complex transaction structure of a share deal involving several companies.

The property, built in 1864 by architect Friedrich Bürklein, is part of the Haylerblock, a historic ensemble of buildings at Maximilianstrasse 10 to 16. The tenants of the retail space on the ground floor include well-known luxury brands such as Fendi and Hublot (at LVMH Group), Blancpain (Swatch Group) and Hemmerle Jewellers. (bw)