Credit Suisse buys property in Munich for €275m

Credit Suisse Asset Management Global Real Estate has acquired a mixed-used complex in the center of Munich, according to local outlets.

The sales price is estimated to be €275 million ($338 million).

The seller of the 484,000-square-foot asset was Postbank AG, which currently leases the majority of the office space in the building. Thomas Daily, a subsidiary of the CoStar Group, reported the company will vacate the property in 2019.

There are shop and restaurant areas on the ground floor of the building. In addition, the building complex includes about 500 parking spaces.

The property is 97 percent occupied.