Commerz Real acquires Munich business park with leasable area of 58,000 sqm
Commerz Real has acquired the mixed-use business park VISIO in Munich’s West End district for its open-ended real estate fund hausInvest. The seller is an affiliate of MCAP Global Finance LLP, the London-based subsidiary of global investment manager Marathon Asset Management LP, headquartered in New York, acting on behalf of its funds and managed accounts.
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The park, located at Landsberger Straße 159-175, is built on a plot of land of some 44,000 square metres with three two-storey buildings and a four-storey building unit from the years 1972 and 1976 with a total leasable area of more than 58,000 square metres. The last extensive modernisation measures were completed in 2015. VISIO is virtually fully leased to 19 users from the retail, logistics and leisure time sectors. The main tenants are Bauhaus, Galeria Logistik, which belongs to Galeria Kaufhof, the self-storage provider Zeitlager, the security services provider Prosegur, office-furniture seller Müller, Staples, and McFit. The average weighted residual term of the lease agreements is 7.2 years. In addition, the business park has 652 parking spaces in a four-storey car park which was built in 2003. The property is easily reached from all directions via Landsberger Straße and has excellent links to the public transport network.
Commerz Real was advised on legal aspects by Dentons Europe and on technical matters by Duff & Phelps REAG. Colliers International Germany and Reed Smith LLP advised the seller.