Real estate specialist Savills Investment Management (Savills IM) has bought a fully-let grade A office building in Munich as vacancy rates in the city continue to fall.
The six-storey property, bought for an undisclosed sum, has 16,200 square metres of rental space all fully-let on a long-term lease, and boasts over 330 parking spaces.
Stephan Huber, associate director of Investment at Savills IM, says: “Munich has seen falling vacancy rates and rising rents for years, so we are delighted to have secured for our investors this modern and flexible office building in such a competitive market.”
The building marks the first acquisition in Munich for the Savills IM Real Invest 1 Fund, which was set up for three German insurance companies.
Overall, the fund has eight properties in seven German cities, including Berlin, Hamburg and Stuttgart. A purchase agreement has also been signed for an office building still under construction in Nuremberg.
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