22 December 2021 – Goldman Sachs Asset Management and DW Real Estate today announced the sale of Art155, a multi-let 23,200 sqm, BREEAM certified office property in Munich for around €150m.
Situated at Landsberger Straße 155-159, the 96% leased office property is located inMunich's Westend which is very well connected to the Middle Ring-Road and themain suburban train line. This combination of transport links offers tenants strong connectivity and excellent access to the inner city. Furthermore, the asset has a very well diversified tenant mix, with anchor occupiers coming from industries such as data centres, life sciences, IT and serviced offices.
Goldman Sachs Asset Management and DW Real Estate have significantly improved the asset through material investment and hands-on asset management initiatives throughout their ownership, guided by a focus on providing sustainable, high-quality premises for occupiers and their employees. The refurbishment works, extensive ESG measures and lease-up efforts were managed by DW Real Estate in coordination with Goldman Sachs Asset Management.
“Through targeted investments in common and tenant areas and the creation of differentiated amenities for our tenants, we were able to increase the overall attractiveness of the building and significantly uplift the ESG attributes of the building. Munich remains a very attractive focus market for us, in which we continue to find opportunities to deploy capital on behalf of our clients,” said Dominik Schäfer, Managing Director in the Real Estate business within Goldman Sachs Asset Management.
Goldman Sachs Asset Management and DW Real Estate were advised by White & Case (Legal), EY (Tax) and Arcadis (Technical Due Diligence) as well as Colliers International Deutschland GmbH and CBRE GmbH.
ABG Capital was advised by GSK Stockmann (Legal), Drees & Sommer SE (Technical Due Diligence) and ALR Treuhand GmbH (Tax).
About Goldman Sachs Asset Management Real Estate
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market— overseeing more than $2 trillion in assets under supervision worldwide as of September 30, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 1991, the Real Estate business within Goldman Sachs Asset Management is one ofthe largest investors in real estate with over $50 billion in capital invested since 2012 across the spectrum of investment strategies from core to opportunistic. Our global team invests across all sectors with deep expertise across the capital structure, in assets ranging from single properties to large portfolios, through senior mortgages, mezzanine debt and equity.
About DW Real Estate
DWRE is an owner-managed real estate company with a focus on investment and asset management with offices in Munich, Frankfurt, Berlin and Amsterdam. The company invests primarily in German and Dutch commercial and residential real estate in the core to opportunistic segments. Investment partners include German family offices and institutional investors (such as pension funds and insurance companies) as well as Anglo-Saxon investment managers and funds.
Goldman Sachs Asset Management
+44207 774 4080
DW Real Estate
+49 89 414147423