Invesco purchases office/industrial asset in Munich
Invesco Real Estate has purchased Hufelandstrasse, a 20,600-square-meter (222,000-square-foot) office and light industrial complex in the north of Munich for an undisclosed sum.
The building is currently 100 percent leased to one investment-grade tenant, one of Germany’s largest industrial companies. The off-market transaction was made on behalf of one of Invesco’s German separate account clients for its actively managed portfolio.
Hufelandstrasse complex comprises three high-quality buildings offering a wide range of potential uses including a modern four-story office building, flexible spaces for workshop and construction uses, and a parking garage. The site is very well connected both by road and public transport, with Munich city center less than 15 minutes away by car.
The property is located in Milbertshofen, a strongly developing submarket in Munich where the average annual take-up is more than nine times higher than the current vacancy. These high le