Allianz Real Estate has acquired the NM28 office building in Munich for €214 million ($239 million) in a sale-and-leaseback transaction with Bertelsmann.
Built in the late 1990s, NM28’s 32,726 square meters (352,260 square feet) are divided across two buildings connected by a two-story foyer. The asset is in excellent condition due to long-term owner occupancy and various new fit-outs over the last 20 years. Located in Berg am Laim, an up-and-coming southeastern borough of Munich, it offers tenants a diversified neighborhood including retailers, hotels and supermarkets and benefits from several development projects taking place in the area including Die Macherei, New Eastside Munich, NEO Baumkirchen-Mitte and Streitfeld-Lofts.
“This acquisition represents an excellent opportunity to expand our German office portfolio, and we are delighted to continue the good rela
