Swiss Life Asset Managers and Universal-Investment, in cooperation with Corpus Sireo Real Estate, have acquired Oskar, an office scheme in Munich, Germany.
Universal-Investment invests in the office complex on behalf of a fund of the Bayerische Versorgungskammer and Swiss Life Asset Managers is acting on behalf of a fund of Swiss Life, German branch. Corpus Sireo will act as an asset manager.
The vendor is Hines.
The parties have agreed not to disclose the purchase price; however, it is estimated to be €390 million ($446 million).
The fully let office complex at Oskar-von-Miller-Ring 20 comprises six upper floors and three lower floors with a total gross floor area of approximately 26,000 square meters (280,000 square feet) and almost 250 underground parking spaces. Previously occupied by Siemens since 1999, the property was recently completely refurbished. Current tenants include Conde Nast, WeWork and Amazon Web Services.
“We have succeeded in taking Oskar into the age of digitalization and creating modern, flexible and sustainably usable class-A office space. The property offers buyers a first-class property in an extremely sought-after location. In addition, full letting guarantees long-term security,” said Jeanette Hesser, director asset management of Hines in Luxembourg.
