The property, in the western part of Munich was sold within a structured bidding process to a South German bank which will retain Brera as the main tenant.
As well as 59 serviced apartments, the building includes a restaurant and an architectural office. The property was sold through LR Immobilienverwaltung GmbH & Co.KG, the main investor of Brera Serviced Apartment GmbH.
The selling price was 23 times the yearly net rent. JLL advised on the sale.
Brera sells Munich property
Brera Serviced Apartments has sold its Munich property to a bank based in southern Germany.
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