WealthCap, the Munich-based provider of investments in real assets, has acquired the “twin yards“ multi-tenant office property together with its long-term anchor tenant Porr Deutschland GmbH in Munich's Parkstadt Schwabing. The property was sold by Top Office Munich GmbH, a joint venture between STRAUSS & PARTNER and Münchner Grundbesitz Verwaltungs GmbH. An agreement was reached not to disclose the purchase price of the almost 14,000 m² office space and around 350 m² storage space.
Cushman & Wakefield acted as the advisory broker, with legal advice provided by HEUKING KÜHN LÜER WOJTEK and technical consultancy by Drees und Sommer. “twin yards“ is the last available office property in the Parkstadt development and is located in the immediate vicinity of several renowned companies. Construction is expected to be completed in the fourth quarter of 2015. Following the purchase of THE Grid in Essen, “twin yards“ is the second acquisition by WealthCap within recent weeks. Both properties are set to be included in a portfolio structured for institutional investors.
Photograph by Cushman & Wakefield
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