The property is located in a very popular area of Munich called Schwabing. The eight-storey office complex with approx. 10,500 sqm is directly adjacent to the Luitpoldpark and within walking distance of the shops on the famous thoroughfare, Leopoldstraße. During 2008/2009 the building underwent an extensive refurbishment program. The location offers an excellent connection to public transport as well as a variety of restaurants, bars, shopping facilities and leisure opportunities in the direct surrounding. The office property is fitted to modern standards and provides flexible floor plans.
After the acquisition at the end of 2013, the office building was sold to the Investment and Asset Manager KGAL in mid-2015. Within the holding period, more than 6,500 sqm (around two thirds of the total area) were successfully leased, the average lease term of 2 years has been increased to more than 5,5 years. The average office rent per sqm increased by around 7 %. As a result, the core investment property has been sold fully let to tenants with an excellent credit rating and a well-balanced multi-tenant-structure.