J.P. Morgan and LGT buy German office portfolio for €230m

A fund managed by J.P. Morgan Asset Management combined with LGT Capital Invest to acquire a property portfolio in Germany consisting of four office buildings located in Greater Munich area (two assets), Cologne and Düsseldorf.

The sales price was not disclosed; however, it is estimated to be approximately €230 million ($268 million), according to local German media outlets.

Completed between 2000 and 2003, the properties have a total area of 1.1 million square feet and are almost fully let.

The portfolio is characterized by its attractive, well-diversified, multi-tenant structure consisting predominantly of brand name enterprises from a range of industries.