ABG Real Estate Group and HanseMerkur Grundvermögen AG have acquired the Munich office property 'Qubes' through a joint investor consortium. The seller of the property is a project company in insolvency proceedings under self-administration. The law firm McDermott Will & Schulte advised the buyer side on the acquisition as well as on the corporate and tax structuring of the associated investment fund.
Completed in 2023, the building ensemble is situated on the Technologie Campus Munich and offers a total lettable area of around 25,000 square metres. The modern office property is distinguished by an exceptionally long-term occupancy: it is fully let to IT@M, the information and telecommunications service centre of the City of Munich. The average remaining term of the existing leases is 30 years, providing the asset with a rare degree of income security.
Strategic partners with an institutional profile
Behind the buyer consortium are two established players in the German real estate market. ABG Real Estate Group operates as a property developer and investor, maintaining five locations nationwide. Alongside commercial properties, the company plans, delivers and manages residential properties and entire urban quarters. The volume of assets managed by ABG currently stands at around EUR 4 billion in assets under management.
HanseMerkur Grundvermögen AG acts as a specialised real estate investment and asset manager within the HanseMerkur insurance group. The company launches institutional investment vehicles with a strategic focus on contemporary and sustainable residential and office properties in German growth regions. HanseMerkur Grundvermögen currently manages real estate assets in the region of around EUR 7 billion.
Key details of the acquisition at a glance
- —Property: 'Qubes' office ensemble on the Technologie Campus Munich with around 25,000 square metres of lettable area (completed in 2023)
- —High-credit tenant: Fully let to IT@M, the IT service centre of the City of Munich, with an unexpired lease term of 30 years
- —Purchaser consortium: Partnership structure between ABG Real Estate Group and HanseMerkur Grundvermögen
- —Seller side: Sale from a project company in insolvency under self-administration
For ABG Real Estate Group, the complex joins a series of prominent major projects. The company's well-known references include the Living Isar urban quarter in Munich, the traditional Deutschlandhaus in Hamburg, and VoltAir in Berlin. With the acquisition of the 'Qubes' property, the partners secure a modern core asset in a major technology hub in the Bavarian state capital.
