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Office
This development will provide a range of spaces flexibly designed to cater to everything from start-ups to large corporations. Plans also include conference and event facilities, fitness areas and retail.
J.P. Morgan Asset Management and LGT Capital Partners are buying an office portfolio of four German offices from German listed company Publity. The price was undisclosed, but was thought to have been north of €230m.
J.P. Morgan, the US banking giant which manages over €110bn of alternative assets for investors, teamed up with LGT, part of the private banking empire owned by the Princely family of Liechtenstein, to buy the office portfolio for an undisclosed amount from German asset manager Publity, acting on behalf of its investor mandate.
The portfolio comprises two offices in the greater Munich area (Büropark Einsteinring in Aschheim near Munich and the Artecom building in Ismaning), as well as one office in Cologne (the ABC Tower) and another in Düsseldorf (the K-Lan). The assets total about 100,000 sqm, were buuilt between 2000 and 2003 and are nearly fully-let to a number of brand name tenants from a range of industries.
Publity, the Leipzig-based listed real estate firm, which manages a portfolio worth €4.6bn, described the disposal as a successful sale. It operates a manage-to-core strategy through funds and on behalf of investors and has sold more than 600 assets profitably since 1999.
