Munich sale reinforces Europa’s faith in well located offices
Europa Capital and joint venture partner Bayern Projekt have sold a 38,000 sq m office campus in Munich, Germany, on behalf of the value-add fund, Europa Fund V.
Olympia Business Centre was acquired in 2017, since when Europa Capital and Bayern Projekt have undertaken an extensive refurbishment which achieved LEED Gold and WiredScore Platinum certificates.
The refurbishment created roof terraces, a new restaurant/café, a double-storey lobby area,and the a market hall concept for employees, designed to foster co-eating and co-working.
During the refurbishment Europa Capital and Bayern Projekt agreed a number of key leases and the building is currently 60% occupied. Recent agreed lettings will increase occupancy to 80%.
Europa said in a statement that the diversity of the OBC’s occupiers reflects the campus’ high-quality design, digital infrastructure and flexibility. Notable occupiers at the campus include DAIWA, the Japanese sports equipment manufacturer; Stadtwerke München, the municipal energy supply company; and the investigation Department of the Bavarian State Police Office.
“This sale, during a time of ongoing debate surrounding the future of the office, reinforces our conviction in the future of well-located offices,” said Europa partner and fund manager Jason Oram. “We saw an opportunity to benefit from the substantial rental growth in Munich and, to capitalise on this growth, a higher specification of refurbishment was completed to target new occupiers and increase the building’s occupancy.”
