German fund manager Union Investment has agreed to sell a circa €700 million prime Munich retail and office property to Athos, an investment vehicle of the Strüngmann family, according to sources.
Although the German open-ended funds have suffered from investors pulling out, the sale comes as a surprise given the quality and the sheer size of the property.
Union Investment has owned the 49,210-square-metre property at Theatinerstrasse 8-16 since 2003. It was last valued at €715 million as of 30 September. The deal, first reported by React News, is expected to close by the end of the year.
The Strüngmann family made its fortunes in the pharmaceutical industry by founding Hexal Pharmaceutical Group. After selling Hexal to Novartis for $8.3 billion in 2005, brothers Andreas and Thomas went on to back biotech and pharma start-ups, including BioNTech, which developed a corona vaccine.
Union Investment declined to comment.