1 April 2022 – Goldman Sachs Asset Management and DW Real Estate today announced that they have jointly acquired Neumarkter Strasse, a multi-tenant office property of approximately 17,200 m² in the sought-after Munich Eastside submarket.
Situated at Neumarkter Strasse 59-63, the property is located in a dynamic submarket with a wide range of amenities and easy access to infrastructure. The proximity to the hubs Middle Ring Road and the S-Bahn stations Leuchtenbergring and Berg am Laim ensures excellent connectivity within and beyond Munich. The asset is currently 92% occupied and has a well-diversified tenant mix with anchor office tenants from industries such as insurance, nursing, travel and IT.
Goldman Sachs Asset Management and DW Real Estate intend to significantly uplift the building through hands-on asset management, including the enhancement of common- and tenant areas. The purchasers further plan to realize numerous ESG initiatives, such as the implementation of EV chargers and solar panels, the improvement of the landscaping as well as the reduction of CO2 emissions, with a focus on improving the operational performance of the office property and the well-being of the occupants.
Dominik Schaefer, Managing Director at Goldman Sachs Asset Management, said: “We are delighted to be partnering with DW Real Estate on another acquisition of a high-quality office building in Germany. We see significant day-1 value-add potential given the strong fundamentals of the submarket and material headroom for ESG initiatives. This investment is the fourth addition to our strategy of acquiring high-quality office assets with significant value-add potential in German A and B Cities in strong-performing submarkets / central locations.“
Goldman Sachs Asset Management and DW Real Estate were advised by Jones Day (Legal and Financing), POELLATH (Tax and Structuring), CBRE (Technical), Progea (Environmental) and Colliers (Commercial).
NATIXIS Pfandbriefbank financed the acquisition and capex measures and was assisted by DLA Piper (Legal).
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 December 31, 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 of the 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.
Contacts:
Goldman Sachs Asset Management
Maximilian Bicker
+49 69 75323071
maximilian.bicker@gs.com
DW Real Estate
Dominik Sailer
+49 89 414147423
d.sailer@dw-realestate.com
