DLA Piper has advised Catella Real Estate on the acquisition of a residential and commercial building in Munich. Catella acquired the property for its fund Catella MAX as part of an asset deal. This is the 12th property for the Catella MAX special fund, which is focused in Munich.
The property is located in Tumblingerstrasse, in the Munich district of Ludwigsvorstadt, and has an overall area of just less than 4,300m², of which 2,600m² is currently residential space. The building has been completely renovated in recent years and is fully let.
Dr Tim Schomberg, portfolio manager of Catella MAX, explained that the purchase has been able to ensure even greater diversification and hence stability of the portfolio. In addition, further strategic reserves of land have been secured for the fund in the stable category of residential use. The fund now manages property assets of more than €190m (£150m) with an occupancy rate in excess of 97 per cent.
Advising on the side of DLA Piper was a team led by partner Dr Carsten Loll and counsel Dr Martin Haller, which included associates Barbara Rybka and Britta Jilge (all real estate, Munich).