Norges Bank Investment Management (NBIM), the manager of the Norwegian Government Pension Fund Global, has acquired the majority of shares in the companies owning two office buildings in the Lenbach Gärten quarter in Munich from AM Alpha for €176.1 million. AM Alpha, a European multi-family office for real estate investing, said the sale saw Norges also assume €75 million of debt, adding that a minority stake had been taken by a co-investment vehicle advised by AM Alpha.
The asset is comprised of two office properties near the Old Botanic Garden between Sophien- and Karlstrasse. Developed in 2007, they measure more than 290,000 square feet and are leased mainly to consulting giant McKinsey & Co and Condé Nast.
According to the seller, the sale attracted overwhelming interest. Siegmut Boehm, managing director at AM Alpha, said: “When we started the bidding process, we had overwhelming interest from both international and domestic investors, and we are glad to have chosen a top financial institution like Norges Bank as an investor for our prime properties.”
NBIM said it had acquired a 94.9 percent stake in the shares, with a deal was signed on August 8 and completed on September 30. As well as the 94.9 percent initial ownership, it has an option to acquire the remaining 5.1 percent, it noted.