Norges put “Lenbach Gärten” with Apple on the block

22/07/2019

The “Lenbach Gärten” complex in Munich will be put up for sale, as TD learned from market insiders. The Norwegian sovereign wealth fund Norges Bank Investment Management (NBIM) had bought the ensemble consisting of two office buildings with 25,000 sqm floor space in 2014 for about €176mn and held it since then. The market is now quoting a possible sale price of up to €400mn. Apple has recently been added to the list of tenants of the fully leased office property, as TD research revealed. The tech giant from California is said to be the second largest tenant after McKinsey. Other users are the law firms Zirngibl and GvW Graf von Westphalen. CBRE is said to be marketing the space, but has declined to comment on that fact.


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