Europa Capital, the pan-European real estate investment manager, announces alongside its joint venture partner, Bayern Projekt, that it has pre-let a further 2,500 sq m of office space at the Olympia Business Centre (the “OBC”) in Munich, Germany, on behalf of its value add fund, Europa Fund V. This latest leasing success for the joint venture is the largest single letting by space in the Munich- Moosach office submarket in 2020.
Global media and technology company, IDG Communications Media Aktiengesellschaft (“IDG”), has agreed a long term lease at the 38,000 sq m campus, which will serve as its German HQ. This is the fifth letting to be signed at the OBC and increases the overall occupancy of the building to 55%. Other occupiers include DAIWA, the Japanese sports equipment manufacturer; Stadtwerke München, the municipal energy supply company; and the investigation Department of the Bavarian State Police Office.
IDG is a global leader in the areas of technology media and data, and custom and corporate services. IDG has a cross-media presence in these core competency areas with its media brands and events targeting IT leaders, business managers, IT professionals and tech enthusiasts.
Europa Capital and Bayern Projekt have undertaken an extensive refurbishment of the campus, which is expected to be completed early this year. This includes the modernisation of the indoor and outdoor spaces as well as ground floor common areas, and the creation of a “Markthalle” (market hall) concept for employees, which has been designed to foster co-eating and co-working.
The restaurant is operated by V&K Tailor Made Catering GmbH, a joint venture between Käfer, a well known regional delicatessen supplier and the global business, Vermaat Group.
Additionally, the OBC has been awarded a WiredScore Platinum certification, an internationally recognised award, for its connectivity and digital infrastructure.
James Pennington, Director at Europa Capital commented: “We continue to experience positive leasing momentum at the OBC in line with our business plan for the asset. IDG’s decision to take space at the OBC was largely driven by the campus’ high quality design and flexibility, which incorporates elements of co-working and co-eating, as well as the event spaces on offer.”