QUEST Investment Partners acquires office and commercial building in prime location in Munich
Hamburg, 29 October 2021. The investment and project development company QUEST Investment Partners has acquired an office and commercial building with around 3,400 m2 of rental space on one of Munich’s most popular boulevards. The property at Leopoldstraße 7 in Munich was sold as part of an asset deal. The seller is Catella Real Estate AG, acting on behalf of the open-ended real estate fund Catella MAX. The parties agreed not to disclose the purchase price. The property was built in 1982 and is located on the border of the districts of Maxvorstadt and Schwabing. On the ground floor, it accommodates the Italian restaurant Bar Giornale, which is well-known throughout the city.
“We are delighted to have acquired this trophy asset with a view of the Siegestor gate in the fashionable Schwabing district. The property allows for a complete redevelopment, including the addition of new storeys and the redesign of the façade. With our refurbishment, we will once again demonstrate how we can carry buildings into the future with innovative concepts”, says Jan Rouven Künzel, Managing Partner at QUEST Investment Partners.
The property in the immediate vicinity of the Siegestor gate has received a positive building notification to increase the rental space to about 4,000 m2 and to modernise the building. In a competition for ideas, the Munich architects at Allmann Sattler Wappner came out as winners. Their design envisages the dismantling of the current roof and storage floors of the detached corner building and the construction of two new stacked floors with flat roofs and terrace areas on the 5th and 6th floors.
The building is located in the immediate vicinity of Munich’s universities, major attractions, the English Garden and culinary highlights. Munich’s city centre can be reached on foot.
Cushman & Wakefield conducted the structured bidding process on behalf of the seller. QUEST received legal advice from Jebens Mensching, tax advice from Hansa Partner Rommel & Meyer and technical advice from Bohnzirlewagen. The sellers received legal and tax advice from DLA Piper and technical advice from Arcadis.
Über QUEST Investment Partners
QUEST Investment Partners is an owner-operated real estate investment company founded in 2016. Its offices are located in Hamburg, Berlin, Munich and Frankfurt. With a portfolio of around €3.4 billion in assets under management, the company focuses on investments in commercial properties with upside potential in selected locations of major German cities. QUEST Development develops and finances high- quality real estate projects both independently and in cooperation with co-investors. The sister company QUEST Funds is responsible for the fund business and makes individual investments together with institutional investors. QUEST is also engaged in property management through its majority share in Albrecht Gebrüder & Co.