Union Investment acquires Terrano office building in Munich
Union Investment has acquired the Terrano office building on Arnulfstraße in Munich from Institutional Investment Partners GmbH. The acquisition will be added to the holdings of institutional open-ended real estate fund UniInstitutional German Real Estate. The seller is an individual mandate managed by Invesco Real Estate. The purchase price was not disclosed.
The building is centrally located in the Arnulfpark development in Munich’s Neuhausen district.
“Munich is one of the most dynamic German Class A cities and has recorded continuous rental growth over recent years. The property’s micro-location is the Arnulfpark office submarket, which is now regarded as one of the most central and sought-after office locations in Munich,” said Alejandro Obermeyer, head of Investment Management DACH at Union Investment Real Estate GmbH.
The location benefits from excellent transport links: Munich city center, the airport and the main railway station are all easily