Munich: Wealthcap acquires two LBBW office buildings
Wealthcap acquired two office buildings in Ismaning, near Munich, from LBBW Immobilien Asset Management at the end of 2018. The purchase price is said to be around €25mn. The two three-story buildings, located at Reichenbachstraße 1 and 3, were built in 2000 and have 9,300 sqm of lettable space. The buildings were part of the “MUC 10” Munich real estate portfolio acquired by LBBW Immobilien in early 2015. The tenancy rate is currently at 90%, with HxGN Safety & Infrastructure and Mainstream Media as main tenants. The law firm Simmons & Simmons advised the seller for the transaction; Satell Rechtsanwälte Steuerberater advised the buyer. CBRE provided transaction consulting.
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