Patron Capital and co-investor Pamera Asset Management have acquired a five-storey office building in Munich.
This is the second acquisition of Patron’s Fund IV in Germany.
Patron plans to invest significant capital in further opportunistic and value-add transactions across Germany over the next two years.
Located in Munich’s sought-after Westend and with direct access to the S-Bahn and underground system, Ridlerstrasse 55 comprises 11,200 sq m (about 120,555 sq ft) of lettable space across flexible floorplates.
Acquired from Deutsche Asset & Wealth Management, it is situated on a 5,055 sq m (about 54,411 sq ft) site and has 147 car parking spaces.
The acquisition was funded with equity and senior bank financing provided by HSH Nordbank. Savills advised the seller on the transaction.
Keith Breslauer, managing director at Patron Capital, says: “This acquisition is part of our previously stated intention to invest substantial capital in German-speaking countries, where we see significant opportunities for growth. This building is well located and we are confident that, with strong asset management and a refurbishment programme, we will be able to attract new tenants and deliver a solid return on our investment. We continue to seek out opportunities in Germany and look forward to announcing further deals.”