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Munich: GEG takes over "Junges Quartier" for €170mn
GEG German Estate is including one of its developments, the Munich campus project “Junges Quartier Obersending”, in its portfolio long-term. The firm has acquired the property on Schertlinstraße 8 and 12 from a consortium of a fund managed by Morgan Stanley Real Estate Investing (MSREI) and DIC Deutsche Immobilien Chancen for its own mandate, the open-ended Spezialfonds "GEG Public Infrastructure 1". Hanseatische Investment-GmbH, Hamburg, is managing the special fund (AIFM). The total investment volume is roughly €170mn. CMS and Drees & Sommer advised GEG on the transaction. The seller was supported by the law firm of Nachmann Rechtsanwälte. The 45,000 sqm structure is leased long-term to the city of Munich, who is using the Quartier Obersendling as a model center for the joint education and integration of underprivileged young Germans and migrants.
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