BlackRock Real Estate has purchased a 98,479 sq ft office building in Munich known as ‘Campus E’.
Located in the northern city business district, the grade A office building is part of an established office cluster and is currently 70% let.
BlackRock has acquired the building, which was built in 2004, from the Hines European Core Fund for an undisclosed fee.
Thomas Müller, portfolio manager within BlackRock’s European real estate business, said: “Munich is a key market in Germany due to its strong market fundamentals, diversified economy, and a stable and skilled workforce attracted by a high quality of life.”
Wolfgang Koedel, Director within BlackRock’s German real estate business, added: “This investment offers existing rental income coupled with opportunities for further value enhancement in a supply and demand imbalanced market.”
BlackRock Real Estate is the dedicated real estate investment group within BlackRock.