Kingstone Real Estate acquires Munich office asset

Kingstone Real Estate, together with private wealth investors, has acquired a commercial property in Munich's Neuhausen district for a double-digit million euro price. 

Kingstone Real Estate

The property, located at Nymphenburger Str. 70, was sold by a private investor.
The building, primarily occupied by renowned office tenants, offers approximately 3,000 m2 of gross lettable area, with two restaurants also contributing to the tenant mix.
The property benefits from its central location next to the Maillingerstrasse underground station, providing quick access to Munich Main Station.
Kingstone Real Estate plans to undertake a full ESG refurbishment of the 1973 building in the coming years to optimize its sustainability performance.
Michael Sacher, managing partner of Kingstone RE Opportunity, Kingstone RE’s value-add subsidiary, said: “With this acquisition, we take over the asset management of a standing asset with great ESG optimisation potential. Its location in the popular district Neuhausen, its excellent public transportation links and its stable tenant structure provide a robust foundation to create value together with our investors. In the years ahead, the property is bound to be refurbished to meet our ESG requirements.”
Friedrich von Carlowitz, managing director of the Kingstone Capital Advisory subsidiary, added: “We are aware of keen interest and strong demand among private wealth investors and family offices for investment opportunities in the value-add segment. The faith our investors have in our asset management capabilities is very reassuring and we are glad to see our portfolio expanded to include a commercial property with ‘office’ as the main type of use. Contemporary office units continue to be in demand, especially in prime locations of Germany’s Class A cities.”
Vesthaus (Hamburg) and RSM Ebner Stolz (Hamburg) provided legal and financial due diligence services for the acquisition. Real Asset Projektentwicklung Immobilienmanagement from Munich will serve as the service developer for the property.