Warburg acquires Munich office building from Paseo Carre

Warburg HIH-Invest Real Estate will buy the Paseo Carré property development in Munich through a forward funding deal from M-CONCEPT Real Estate, a builder and property developer. The office building is located on Offenbachstrasse and Landsberger Strasse and offers a gross floor area (GFA) of 7,600 square metres. It's been earmarked for an individual fund of the RVK pension scheme and is let to the City of Munich on a 20-year lease. Completion of the building is scheduled for 2022 at the latest.

“By acquiring the Paseo Carré, we seized an opportunity to secure a very long-term lease with a blue-chip tenant in an established sub-market of Munich,” said Hans-Joachim Lehmann, Managing Director of Warburg-HIH Invest. The Paseo Carré scheme is located within walking distance of the “Pasing” railway station, which offers high-speed as well as commuter train services. The nearest tram stop is located directly in front of the building. In addition, M-CONCEPT is planning to develop another six buildings on this plot of around 8,500 square metres which faces Offenbachstrasse, Landsberger Strasse and a greened new esplanade.