Europa Capital, the pan-European real estate investment manager, announces the pre-letting of circa 108,000 sq ft of office space at the Olympia Business Centre (the “OBC”) in Munich, Germany, to Stadtwerke München (“SWM”). SWM is the municipal utility company (providing energy, public transport, swimming pools, utility and telecommunication services), which is also one of Germany’s largest energy providers.
SWM has taken floors ground to four on a 10-year lease in buildings A, C and D. SWM is the third largest employer in Munich and will base approximately 570 employees at the OBC.
Having acquired the asset in 2017 on behalf of its value add fund, Europa Fund V, Europa Capital and its joint venture partner are undertaking a comprehensive refurbishment of OBC, which is expected to complete in early 2020. This latest letting takes the building’s occupancy to approximately 42% following the agreement of a 57,000 sq ft pre-let with the Department of the Bavarian Criminal Police Office earlier this year.
Well located in Munich’s Moosach district, offering excellent transport links via the U-Bahn and the Georg Brauchle-Ring road, the five building business centre is expected to secure LEED Gold and WiredScore Gold certification on completion of the refurbishment. Occupiers will also benefit from a number of new common spaces and amenities including a new lobby and co-working areas, which can be booked via app technology, an extended market hall style restaurant, as well as roof terraces and landscaping.
James Pennington, Director at Europa Capital, comments: “This represents another letting to a high quality tenant at the OBC. Having finalised the transaction within just a few weeks, we believe the lease endorses our strategy of introducing a flexible space concept to the Munich office market in response to new workplace demand from both SMEs and larger businesses. Within a short period of time we have let almost half of the space across the campus with refurbishment works on track to complete next year.”
