Tishman Speyer has bought an office and retail complex in the centre of Munich for around €150m (£100m) on behalf of its TSEV fund.
The 430,000 sq ft Elisenhof complex adjoining Munich Central Railway Station was sold by Bayerischen Bau und Immobilien Gruppe for an undisclosed figure.
It is Tishman Speyer’s fourth acquisition in Germany this year.
Built in 1984 and refurbished in 2002, the three-level mall includes 301,000 sq ft of offices and 129,000 sq ft of shops, and a 395-space basement car park.
Anchor tenants in the property include Landeshauptstadt München, BDO Deutsche Warentreuhand and Citibank Privatkunden.
The acquisition brings the total space acquired by Tishman Speyer in Europe in 2006 to 5.6m sq ft, and includes Lumière (Paris), CityPoint (London) and the Nautilus portfolio (Germany).
Tishman Speyer was advised by Clifford Chance. Bayerische Bau und Immobilien Gruppe was advised by Glock, Liphart, Probst.
CB Richard Ellis acted as investment broker.
References: EGi News 13/12/06
