Commerz Real sells “Machtlfinger Höfe” office ensemble in Munich to Conren Land
Commerz Real has sold the “Machtlfinger Höfe” office ensemble in Munich-Obersendling to Conren Land. The real estate investment company, which is domiciled in Frankfurt am Main, acquired the property on behalf of a family. It was agreed that confidentiality be maintained on the purchase price. The property, which is virtually fully leased, has been in the portfolio of Commerz Real’s open-ended real estate fund hausInvest since 2008.
“Machtlfinger Höfe” has a net leasable area of some 21,500 square metres spread across three five-storey office buildings connected to one another by two additional five-storey buildings with a bridge function. Following the departure of several major tenants in 2009 and 2010, Commerz Real repositioned the property with a small-area tenant structure and was consequently able to virtually lease the property in full, with 14,000 square metres being leased to 18 new companies in the past 24 months alone. Subsequently the market value increased by more than 60 per cent to 83.9 million euros (September 2017). The main tenants are currently Creditreform, the cloud telephony provider NFON, and Zechbau.
Commerz Real was advised on the transaction by the real estate service companies Collier International and “Immobilien im Fokus”, while Conren Land was advised by Freshfields Bruckhaus Deringer.