A club deal of three German insurance firm, managed by has acquired a six-storey office building in Munich.
The manager said the Real Invest 1 fund has bought the 16,200sqm property as part of an asset deal with Catalyst Capital鈥檚 European Property Fund II (CEPF II).
Financial details were undisclosed.
Savills IM said the building, which was constructed in 2003, is fully let on a long-term lease.
The acquisition is the first in Munich for the Savills IM Real Invest 1 fund, which was set up in 2013.
The fund now has eight properties in seven German cities, including Berlin, Hamburg and Stuttgart and a purchase agreement has also been signed for an office building still under construction in Nuremberg.
Stephan Huber, associate director investment at Savills Investment Management, said: 鈥淢unich has seen falling vacancy rates and rising rents for years, so we are delighted to have secured for our investors this modern and flexible office building in such a competitive market.
鈥淲ith the property鈥檚 strong tenant and its excellent subway connections 鈥� you can get to Munich鈥檚 main train station in 15 minutes 鈥� it represents a sustainable investment.鈥�
Tim Ulrich, deputy head of transaction management, Germany, at Savills Investment Management, said: 鈥淥ur reputation as a professional and reliable transaction partner, plus our extensive experience, have proven yet again to be the decisive factors in securing this asset and giving added value to our investors.
鈥淥ur excellent relationships with all the major players meant we had access to assets in a very competitive market with a limited supply of high-quality properties.鈥�
