Allianz Real Estate has bought an office complex in Munich for around €100m from energy company E.ON.
No yield was disclosed but a source put it at 6% net.
The long-let 39,000 m2 scheme is located in the Nymphenburger Straße and consists of 11 buildings built between 1900 and 1996.
E.ON occupies some of the space in the 11 properties.
Allianz may in future refurbish the asset and shift the sitting tenants to other buildings it owns.
“This purchase is a further milestone on Allianz’ path to intensive investing in 2010,” said Stefan Brendgen, chief executive of Allianz Real Estate Germany, which bought the asset for Allianz life insurance business.
“With the Munich purchase we show that Germany continues to be of great significance[…],” added Brendgen.
