Quinlan Private has bought a flagship property in Munich for €270m (£181m) from Doughty Hanson & Co Real Estate in a share transaction.
The Irish private equity group has bought the Maximilianhofe office and retail block on Maximilianstrasse which is located between the Bavarian State Opera and Kempinski Hotel View Jahreszeiten. The block is fully leased with office tenants including Bain Capital and law firms Weil Gotshal & Manges, Kirkland & Ellis International, and Milbank Tweed Hadley & McCloy. Its retail tenants include Gianfranco Ferre, Dolce & Gabbana, Versace, Etro, Bally and Chopard.
Doughty Hanson & Co Real Estate is a European real estate fund manager and bought Maximilianhofe in March 2000 from the Free State of Bavaria for its Real Estate Solutions fund. It cleared and redeveloped the site into a 215,280 sq ft (20,000 sq m) office and retail scheme which also includes a rehearsal stage facility for the State Opera. Doughty refinanced the scheme in November 2005, returning $35m (£138m) to investors. The sale to Quinlan Private will return $105m (£54m) to investors.
The deal is a further push into Europe for the Irish group which oewns a range of commercial and residential properties throughout Europe and north America and has assets under management of more than €7bn (£4.5bn)