Munich: Swiss Life and BVK buy “Oskar” for €390mn
Swiss Life Asset Managers and Universal-Investment together with Corpus Sireo have acquired the “Oskar” office complex in Munich. TD has learned from market insiders that the purchase price was around €390mn, corresponding to a factor of 33. Universal-Investment is acquiring a stake in the property for a Bayerischen Versorgungskammer (BVK) fund; Swiss Life Asset Managers is acquiring a stake for a Swiss Life fund. Corpus Sireo will be the asset manager. The seller is Hines, with CBRE and BNP Paribas Real Estate advising. The deal is pending approval by antitrust authorities. The property, formerly called the “Siemens Forum”, is located at Oskar-von-Miller-Ring 20 and has six upper floors and three lower floors with around 26,000 sqm GFA, which are currently fully let. The complex was designed by the American architect Richard Meier and has served as Siemens’ headquarters since 1999. Current tenants are Condé Nast, WeWork, and Amazon Web Services.
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