Norges Bank Investment Management has acquired a 94.9 percent stake in the shares of the companies owning two office buildings in the “Lenbach Gärten” quarter in Munich from AM Alpha GmbH.
The agreement was signed 8 August 2014 and closed 30 September 2014.
The total consideration for all of the companies’ property assets amounts to 176.1 million euro, including 75 million euro of third-party debt (representing a 100 percent interest). Norges Bank Investment Management has acquired a 94.9 percent stake, including an option to acquire the remaining 5.1 percent.
The two office properties, near the Old Botanic Garden between Sophien- and Karlstrasse, have been developed in 2007 and comprise of 29,000 square meter of total leasable area, mostly represented by office usage.
The two buildings are primarily leased to McKinsey & Company Inc. and Conde Nast Verlag GmbH.
McKinsey building:
Conde Nast building:
Photos: AM Alpha GmbH