Union Investment has sold the business center at Fraunhofer Strasse 17 in Planegg / Martinsried to the real estate multi-family office PAMERA Real Estate Partners. Since 2005, the building has belonged to the portfolio of the open-ended public real estate fund immofonds 1, which is only sold in Austria.
The business center, which was completed in 1999, is located in the industrial area of Greater Munich, in the municipality of Planegg-Martinsried, one of the most important research locations for biochemistry in Europe. It has a rental area of 4,468 sqm and 66 parking spaces and is fully leased to the pharmaceutical and biotechnology company Gilead.
“The property has generated stable rental income for the fund for 16 years. However, the size of the property and the age of the property no longer fit into the current strategy of immofonds 1,” says Petia Zeiringer, Member of the Management Board of Union Investment Real Estate Austria AG and responsible for fund management.
Christoph Zapp, founder and managing partner of PAMERA, is pleased about the new addition to the portfolio: “We appreciate the up-and-coming biotech location Planegg-Martinsried on the outskirts of Munich, which will improve in the medium term, in particular due to the forthcoming connection to the Munich underground network will continue to develop positively.”
The transaction was brokered by Colliers Munich. Union Investment received legal advice from the Hamburg law firm KFR and tax advice from GSK Frankfurt. On the PAMERA side, the law firm Böttcher & Fischer and the technical ARGOS Projektmanagement, both from Munich, carried out the due diligence and advice.
