Europa Capital, the pan-European real estate investment manager, together with its joint venture partner, Bayern Project, announce the pre-letting of circa 108,000 sq ft of office space at the Olympia Business Centre (the “OBC”) in Munich, Germany, to Stadtwerke München (“SWM”). SWM is the municipal utility company (providing energy, public transport, swimming pools, utility and telecommunication services), which is also one of Germany’s largest energy providers.

SWM has taken floors ground to four on a 10-year lease in buildings A, C and D. SWM is the third largest employer in Munich and will base approximately 570 employees at the OBC.

Having acquired the asset in 2017 on behalf of its value add fund, Europa Fund V, Europa Capital and its joint venture partner are undertaking a comprehensive refurbishment of OBC, which is expected to complete in early 2020. This latest letting takes the building’s occupancy to approximately 42% following the agreement of a 57,000 sq ft pre-let with the Department of the Bavarian Criminal Police Office earlier this year.

Well located in Munich’s Moosach district, offering excellent transport links via the U-Bahn and the Georg Brauchle-Ring road, the five building business centre, is expected to secure LEED Gold and WiredScore Gold certification on completion of the refurbishment. Occupiers will also benefit from a number of new common spaces and amenities including a new lobby and co-working areas, which can be booked via app technology, an extended market hall style restaurant, as well as roof terraces and landscaping. .

James Pennington, Director at Europa Capital, comments: “This is our second letting to a high quality tenant at the OBC. Having finalised the transaction within just a few weeks, we believe the lease endorses our strategy of introducing a flexible space concept to the Munich office market in response to new workplace demand from both SMEs and larger businesses. Within a short period of time and [to / ahead of] business plan, we have let almost half of the space across the campus with refurbishment works on track to complete next year.”

Sven Renz, Managing Director of Bayern Projekt: “SWM as the municipal utility provider plays a crucial role for a metropolis such as Munich. It is a special honour for us as a Munich based property developer and investor with strong local roots that such an important public service provider has decided to choose the Olympia Business Center. As the second major lease contract agreed within a short space of time, OBC can already be considered as an extraordinary success story.”

Europa Capital and Bayern Projekt were advised by Colliers. CBRE advised SWM.

ENDS

Europa Capital
Dido Laurimore/ Richard Sunderland/ Eve Kirmatzis/ Andrew Davis
FTI Consulting
Tel: 020 3727 1000
EuropaCapital@fticonsulting.com

About Europa Capital:
Europa Capital is a dedicated real estate investment manager focused on the European markets. We specialise in investment through both equity and debt strategies where we employ our real estate asset management skills and experience to maximise value in all property classes across Europe.

Since its formation in 1995, Europa Capital has collectively raised 10 real estate funds and committed to over 130 transactions totalling more than €11.3 billion across 21 European countries.

Europa Capital focusses on delivering compelling risk adjusted returns for a global audience of investors driven by real estate fundamentals spanning value-add, core/core plus and debt investment strategies.

Europa Capital is majority owned by Mitsubishi Estate Co. Ltd, one of the world’s largest real estate groups, which is a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.

Further information can be found at www.europacapital.com.

About Bayern Projekt:
Bayern Projekt GmbH (‘Bayern Projekt’), is a Munich based commercial real estate development and investment company with a more than 20-year history. During this time, investments valued at over €1.0 billion have been developed, managed and transacted. The founder, 100% owner and managing partner of Bayern Projekt is Sven Renz, FRICS.

Currently, Bayern Projekt is developing Bavaria Towers, a commercial building complex including three high rise office towers and a hotel with a total project volume of approximately 76.000 sq. metres.

Further information can be found at www.bayernprojekt.de