Sonar Real Estate has bought an office property in Munich from Global Gate Capital (GGC) in a joint venture with a global institutional investor. The purchase price is confidential.
The property consists of three buildings constructed between 2001 and 2004. It is located at Zielstattstraße 42, 44, and 48 in the Obersendling district. The total floor area is around 21,000 square meters.
The anchor tenant is Daiichi Sankyo, a Japanese pharmaceutical group and the current occupancy rate is around 90%. The property, on a plot of around 7,900 square meters, includes 258 car parking spaces.
Rudy Sayegh, CEO of Global Gate Capital, says, “Our strategy focuses on creating long-term value for our international client base. The successful sale of our Munich office building is a superb validation of our ability to locate attractive office properties and implement our business plans, even under challenging market conditions. Germany has been central to our real estate investment strategy and will remain so for the foreseeable future.”
Good opportunities for attractive acquisitions
Christoph Wittkop, CEO and Managing Partner of Sonar, says, “Especially in this environment and despite the uncertainties, we see increasingly good opportunities for attractive acquisitions on the German office market. The general situation is challenging – but the deals are getting more interesting from our point of view. We have the experience and capacity to leverage value even in this environment. The transaction also shows that we have established ourselves as a local partner for national and international investors in Germany due to our know-how and our close network.”
Maximilian Link, Head of Germany Real Estate at GGC, adds: “Following the sale of the Westend Carree office building in Frankfurt in 2020, this is the second successful exit from our office portfolio in Germany, evidencing the transactional strength of our teams and our robust local network. We are delighted with the sale to Sonar Real Estate, one of the leading institutional partners in Germany. We remain confident in the German market and will continue to invest capital across various sectors, actively pursuing value.”
Holger Hosang, Managing Partner and Co-Head Transaction & Asset Management at Sonar, says, “The acquisition of this prime property in Munich aligns perfectly with our strategy of investing in high-quality real estate with strong anchor tenants and value increase potential.”
Ashurst advised Sonar on legal matters, and DK Real Estate on technical issues. CBRE assisted in commercial due diligence and Agradblue in ESG due diligence. Bryan Cave Leighton Paisner LLP acted on legal matters for GGC, Altavis handled the transaction’s tax aspects and Drees & Sommer was involved in technical matters. Cushman & Wakefield was the brokerage firm.
The image is copyright of Sonar.
