Ashurst advises HIH Invest on acquisition of office property development in Munich Westend

Ashurst advised HIH Invest Real Estate (HIH Invest) on the acquisition of an office property development in the Westend district of Munich / Germany from project developer Metropolian R1. The parties have agreed not to disclose the purchase price.

The property development at the corner of Rüdesheimer Strasse 1 and Tübinger Strasse will have a lettable area of 7,239 sqm. The multi-tenant object is already fully pre-let with BNP Paribas Concors Finanz being the main tenant. Completion is scheduled for the fourth quarter of 2022. A BREEAM Excellent certification is being sought for the new building. The Westend district is a development hotspot in the immediate vicinity of Munich's city centre. Several other new office buildings are being constructed in the direct neighbourhood of the conveniently located site.

The Ashurst team was led by partner Dr Liane Muschter. She was assisted by associate Raphaela Schmidt as well as transaction lawyers Isabella Strauß and Dominic Boeschen (all Real Estate). Advice on tax law was provided by partner Dr Anders Kraft and associate Steffen Bellmann. Counsel Dr Maria Held advised on antitrust law.

HIH Invest is one of the leading investment managers for real estate in Germany and Europe. Currently, assets with a volume of €14.6bn are being managed across 81 funds. Ashurst regularly advises HIH group, most recently for example on the acquisition of a logistics property development near Karlsruhe / Germany.