Investment company Ardian has signed an agreement to acquire the offices and property complex of Wappenhalle in Munich from publity AG. This is the first investment made by Ardian Real Estate Europe Fund (Areef), a new fund of Ardian Real Estate.
The complex around the Wappenhalle which includes 33.700 m1.200 of offices, 544 mXNUMX of warehouse and XNUMX parking spaces, is located exactly opposite the new Munich Congress and Exhibition Center in München-Riem, the district that houses the city's congress centre.
The office complex consists of the Wappenhalle, a listed building originally built in 1939 and extensively renovated in 2002, and nine other office buildings. Until 1992, Wappenhalle was used as the arrivals hall of what was then Munich's main airport, München-Riem. Ardian Real Estate is planning to further enhance this asset through active asset management.
The acquisition is in line with Ardian Real Estate's investment strategy, which focuses on major cities in the three largest eurozone economies, Germany, France and Italy, where Ardian already has extensive investment experience direct individuals. Ardian Real Estate will identify important commercial properties – in particular office complexes and agglomerations in mixed-use urban areas – with an average value of over 100 million euros, in the core-plus/value-added segment.
“This is Ardian Real Estate's first investment, and therefore a significant moment for us – commented Bertrand Julien-Laferrière, head of Ardian Real Estate -. We signed the agreement just three months after our entry into the German market, which is therefore an excellent result. The transaction fits perfectly into our investment strategy which focuses on high-potential real estate assets in large cities in key European markets, and which seeks to significantly enhance rental income through active asset management.”
