Immofinanz, the Vienna-based property investor, has sold two office buildings and a hotel in Munich’s Lenbachgärten in Germany’s largest property deal of the year.
The 65,000 sq m (700,000 sq ft) of city centre property was sold for €200m to the Munich-based AM alpha, which carries out real estate investments for several affluent German families.
“After careful deliberation we opted to dispose of these objects. We are respectably optimising our cash flow in the company on the one hand, and on the other hand the transaction demonstrates that Immofinanz operates with valuable assets and is also able to sell properties in a difficult market,” said Immofinanz CEO Eduard Zehetner.
AM alpha’s investment focus is on commercial real estate in prime European locations. “For us it is important to carry out our investments in Europe with professional partners. In the current market phase we will considerably expand our involvement on the German market and in western Europe,” said Siegmut Böhm, managing director of AM alpha.