Union Investment and Hines have acquired the MediaWorks office project in Munich’s Werksviertel district for €650 million ($782 million).
Union Investment holds the vast majority of the shares, while Hines acts as equity partner and operational developer on site.
The seller was Blackstone.
The 96,000-square-meter (1.03 million-square-foot) site includes an existing parking garage on the property with 825 parking spaces. Tenants include RF360 Europe GmbH, a subsidiary of the U.S. semiconductor manufacturer Qualcomm.
