Allianz has purchased the 26,000 m² ATLAS office building, situated in the emerging office cluster Werksviertel within the Mittlerer Ring in Munich, for €190 million.
The purchase is structured as a forward deal and was executed by Allianz Real Estate. The asset has been acquired from German-based real estate investment firm Art-Invest Real Estate.
The acquisition expands Allianz Real Estate’s core office strategy in Europe, which targets quality office buildings in high-demand, prime city locations with a minimum 10-year investment term.
ATLAS is an office and catering building with a leasable area of 26,000 square metres on a plot of 6,300 square metres. The ATLAS majority is acquired by way of a forward share deal, which means that shares in a project are acquired at an early stage and will be completed in mid-2019 when Art-Invest has finalized the current renovation and letting of the property. As prominent new tenants the US marketing and IT service provider Sapient and the New Work office rental company Design Offices have already been secured.
Clifford Chance has provided legal advice to Allianz Real Estate on this complex and innovative transaction with a team led by real estate law specialists Christian Keilich (Partner, in picture), Philipp Stoecker (Senior Associate), Stefan Löchner (Partner), Anne Voigt (Associate) and Elmostafa Habib (Transaction Lawyer) as well as Stefan Bruder (Counsel), Maria-Franziska Röntsch (Associate) (Corporate/M&A), Jan Grabbe (Partner) (Tax), Alexandra Uhl (Counsel) (Finance), Marc Besen (Partner), Miriam Kammer (Senior Associate) and Dimitri Slobodenjuk (Counsel) (all Antitrust).
Involved fees earner: Philipp Stoecker – Clifford Chance; Christian Keilich – Clifford Chance; Stefan Löchner – Clifford Chance; Anne Voigt – Clifford Chance; Elmostafa Habib – Clifford Chance; Stefan Bruder – Clifford Chance; Maria-Franziska Röntsch – Clifford Chance; Jan Grabbe – Clifford Chance; Marc Besen – Clifford Chance; Miriam Kammer – Clifford Chance; Dimitri Slobodenjuk – Clifford Chance; Alexandra Uhl – Clifford Chance;
Law Firms: Clifford Chance;
Clients: Allianz Real Estate;