GSK Stockmann has comprehensively advised Deka Immobilien on the purchase of two office buildings in the “Weisses Quartier” complex in Munich. The sellers of the properties are InfraRed Capital Partners (London) and Allgemeine Südboden (Munich). The two buildings provide a total of almost 30,000 m² of office space and will be respectively added to the open-ended real estate fund WestInvest ImmoValue and the open-ended special fund Domus Deutschland Fonds Nr. 2, which are both dedicated to institutional investors. The parties agreed to keep the purchase price confidential.
The “Weisses Quartier” complex, a former Siemens campus at St.-Martin-Strasse 76, has been extensively revitalised since 2018. The site is located east of the city centre of Munich, inside the high capacity road “Mittlerer Ring”, and is well connected by excellent rail and road infrastructure. Within this revitalisation project, four properties are currently adapted to be reused as multi-tenant office buildings, which provide 61,000 m² of office space and around 160 apartments.
Building 1, located at the entrance of the complex, comprises more than 22,000 m² of office space and is leased to several long-term tenants. The main tenant is Diva-e, a provider for digital and e-commerce services. Building 2, located on the southwest, comprises more than 7,500 m² of office space and is also leased on a long-term basis. After the completion of the project, the Free State of Bavaria with its Higher Regional Court will be the main tenant.
GSK Stockmann has advised Deka Immobilien for many years. A team led by partner Michael Eggersberger provided comprehensive legal advice to Deka Immobilien on this acquisition, in particular conducting the legal due diligence and supporting the negotiations of the purchase agreement.
Advisers to Deka Immobilien:
GSK Stockmann: Michael Eggersberger (lead, real estate transactions and investments), Sascha Zentis (funds), Maritheres Palichleb (real estate transactions and investments); associates: Felix Bergfort (real estate transactions and investments), Christian Kullick, Katharina Herdl (both public)