Allianz buys two German assets for $429m
Allianz Real Estate Germany is the owner of two new assets in Munich. The deals were separate transactions, totaling €320.2 million ($428.5 million) in sales price.
The larger acquisition was the office property at Dieselstrasse 8, located in Unterfohring, a suburb of Munich. The 886,157-square-foot office sold for approximately €200 million, or €226 per square foot ($267.77 million/$302 per square foot).
The seller was Goldman Sachs' Whitehall Street Real Estate. Dieselstrasse 8 is occupied by Allianz, and the property was part of a real estate portfolio that Allianz sold to Whitehall in 2007 for €1.7 billion.
The second asset the firm purchased in the Munich area was the 234,655-square-foot Isartor City. The property was acquired for &euro