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.
““The last two days have been great. There’s been a really, really diverse group, but not such a large audience that we couldn't get to know each other and really spend more quality time together. I was really excited to hear that Recharge rotates around to different markets across Europe. So it will definitely be on my agenda for next year.”
David Woodward, CEO, Global Apartment Advisors
RECHARGE
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