Stuttgart – Allianz Real Estate has acquired the NM28 office building in Munich from Bertelsmann for EUR 214 million in a sale-and-leaseback transaction. By making this acquisition, Allianz is seeking to further expand its footprint in Munich’s dynamic office sector. The transaction is expected to complete in the fourth quarter of 2020.
A CMS team led by partner Dr Volker Zerr and counsel Dr Martin Prothmann advised Allianz on all aspects of the transaction, including due diligence and the purchase contract and lease negotiations. The CMS team regularly advises Allianz on purchases and disposals.
Built in the late 1990s, the NM28 complex comprises 32,726 sq m spread over two buildings. The property is located in Berg am Laim, an up-and-coming district in the south-east of Munich. Tenants of NM28 benefit from a diverse neighbourhood featuring retailers, hotels and supermarkets.
The Allianz Group is one of the world’s leading insurers and asset managers. It serves more than 100 million retail and corporate customers in over 70 countries. Allianz is among the world’s largest investors, managing an investment portfolio worth around EUR 754 billion on behalf of its insurance customers. Its asset managers, PIMCO and Allianz Global Investors, also manage more than EUR 1.7 trillion of third-party assets. In 2019, the group had over 147,000 employees and generated sales of around EUR 142 billion. It posted an operating profit of some EUR 11.9 billion. Allianz Real Estate is the strategic real estate investment manager within the Allianz Group. It describes itself as the world’s largest investor in property. The company develops and implements tailored portfolio and investment strategies on behalf of investors worldwide. Allianz Real Estate had assets under management totalling EUR 73.6 billion as at 31 December 2019.
Dr Volker Zerr, Lead Partner
Dr Martin Prothmann, Lead Counsel
Jacqueline Terhöven, Senior Associate
Aylin Kocak, Senior Associate
Dr Elena Mackh, Senior Associate
Sandra Scheib, Senior Associate, all Real Estate
Dr Antje Becker-Boley, Partner
Sonja Ebert, Senior Associate, both Energy
Dr Winfried Schnepp, Partner, Regulatory
Dr Christian Haellmigk, Competition & EU
Dr Sabina Krispenz, Principal Counsel, Corporate/M&A