The acquisition expands Allianz Real Estate’s core office strategy in Europe, which targets quality office buildings in high-demand, prime city locations with a minimum 10-year investment term.
ATLAS comprises a landmark 14-storey tower, which is currently undergoing a complete refurbishment: it will also be extended with a newly constructed annex and parking facility, with a completion date of Q2 2019, when the closing of the deal takes place. The work includes a new, distinctive façade and several roof terraces. Some 92% of total space is already pre-leased to three tenants, led by Publicis Groupe.
The ATLAS office building is located close to the Ostbahnhof in the Werksviertel district. It is also one of the city’s last large office development areas inside the Mittlerer Ring. Significantly, the area is proving very attractive for creative and digital companies. The area is benefitting from an infux of technology start-ups.
“The ATLAS deal underlines our strategy to expand our office portfolio in prime locations in Tier 1 European cities. The Werksviertel district has become a sought-after business hub in Munich and we believe demand will escalate given the fundamentals driving the local market,” said Annette Kröger, CEO North & Central Europe at Allianz Real Estate.
“To date, Allianz Real Estate has not invested in this district and, as such, this acquisition delivers compelling diversification benefits to Allianz’s office portfolio in Munich.”
The acquisition of the ATLAS complex builds on a number of recent deals in Munich by Allianz Real Estate, including the purchase of the office project development Kap West on behalf of various Allianz companies, announced in March last year.
Allianz was advised by Clifford Chance, EY, Colliers and CBRE Preuss Valteq during this transaction, Art-Invest by GSK Stockmann and BNP Paribas Real Estate.
When introducing a property investment opportunity to PIMCO Prime Real Estate you acknowledge that we are under no obligation to accept your introduction or enter into any agreement with you. Fees, commission or other payments in respect of introductions shall only be payable where there is a signed written agreement to that effect entered into between PIMCO Prime Real Estate and the introducer. By submitting an introduction to PIMCO Prime Real Estate you shall be deemed to have accepted the aforementioned terms.
"PIMCO Prime Real Estate” is a PIMCO company that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC, and their subsidiaries and affiliates: PIMCO Prime Real Estate GmbH (Company No. 158768, Seidlstrasse 24–24a, 80335 Munich, Germany), PIMCO Prime Real Estate GmbH Belgium Branch (VAT No. BE 0841.512.711, Boulevard Roi Albert II, 32, 1000 Brussels, Belgium), PIMCO Prime Real Estate GmbH France Branch (SIRET No. 509 339 669 00053, 50-52 Boulevard Haussmann, 75009 Paris, France), PIMCO Prime Real Estate GmbH Italy Branch (Numero REA MI-2107576, Piazza Tre Torri, 3 20145 Milano, Italy), PIMCO Prime Real Estate GmbH Spain Branch (NIF W2760686B, Paseo de La Castellana, 200 Edificio Spaces, 28046 Madrid, Spain), PIMCO Prime Real Estate GmbH Sweden Branch (VAT No. SE516411865401, Norrlandsgatan 18, 111 43 Stockholm, Sweden), PIMCO Prime Real Estate GmbH UK Branch (Company No. FC036236, 11 Baker Street, London W1U 3AH, United Kingdom), PIMCO Prime Real Estate Asia Pacific Pte Ltd (UEN 202000233H, 12 Marina View #17-02 Asia Square Tower 2, Singapore 018961), PIMCO Prime Real Estate (Shanghai) Co, Ltd (Company No. 91310115MA1K4KBT0L, 479 Lujiazui Ring Road, Shanghai Tower, Pudong New District , Shanghai 200120, People’s Republic of China), PIMCO Prime Real Estate Japan GK (Company No. 0104-03-022895, 1-6-2 Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japan), PIMCO Prime Real Estate LLC (File No. 5234055, 1633 Broadway, New York, NY 10019-6999, USA). PIMCO Prime Real Estate LLC is a wholly-owned subsidiary of Pacific Investment Management Company LLC, and PIMCO Prime Real Estate GmbH and its affiliates are wholly-owned by PIMCO Europe GmbH. PIMCO Prime Real Estate GmbH operates separately from PIMCO. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC.
PIMCO Prime Real Estate is a trademark of PIMCO LLC and PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world.