Allianz buys office project "Kap West", Munich from OFB

Munich, 06.03.2017

Project development near Hirschgarten, Completion in summer of 2019

In the fast-growing Munich office real-estate market, Allianz Real Estate has purchased the office project development Kap West on behalf of various Allianz companies. The seller is the Frankfurt-based OFB Projektentwicklungs GmbH, which will be completing the construction of the building in summer of 2019. Both partners have agreed not to disclose further details of the transaction.

Kap West

The project "Kap West" will see the construction of a high-quality office building, planned to be certificated with LEED Gold. The project development comprises a total of 42,000 square meters, spread over a semibasement and 2 office towers. Almost 85 percent of the floor space has been earmarked for offices. The further space is planned for retail, restaurants and a high-level fitness center. The floor space in Kap West can be divided up flexibly - from 185 to around 4,100 square meters on one floor. Kap West also boasts 356 basement car park spaces and 200 bicycle racks.

The project "Kap West" is being constructed in the emerging sub-market Hirschgarten in direct extension of Arnulfpark. It will benefit from an excellent micro-location and infrastructure The site is directly situated at the main-line of Munich S-Bahn. It possesses convenient transport connections - both in terms of private and public transport, with buses and suburban trains.

We are pleased to be able to acquire this high-end building from such an experienced project developer as OFB.

Munich office market is currently being shaped by strong dynamics. Demand is high with a low vacancy rate at the same time. This results in highly promising leasing prospects for Kap West.

"The investment follows our strategy to expand the office portfolio of Allianz in metropolitan areas with high economic growth and to also regarding structured transactions with developers," said Annette Kröger, CEO of Allianz Real Estate Germany GmbH. "We are pleased to be able to acquire this high-end building from such an experienced project developer as OFB."

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