Clifford Chance has advised BNP Paribas REIM Germany on its acquisition of the Art Déco Palais in Munich’s Arnulfstrasse for one of its real estate special funds.

The 41,000 m² building was previously owned by an investor consortium. The purchase price of the multi-tenant building was in the low three-digit million Euro range. The impressive architectural monument is centrally located on the western fringe of the inner city near the Central Station. Totally modernised just a few years ago, the property features attractive, easily divisible office space. The building complex is actually 98 per cent fully let and has an attractive mix of tenants. Besides Deutsche Post Immobilien as the principal tenant, its users include 30 firms from sectors like human resources consultancies, banks, insurance companies and energy suppliers.

BNP Paribas REIM Germany is a subsidiary of BNP Paribas Real Estate, Paris, and is a leading capital management company for real estate investment funds in Germany.

The Clifford Chance team was led by partner Dr. Gerold M. Jaeger (Real Estate, Frankfurt) and comprised counsel Bettina Krause (Real Estate, Munich), associate Dr. Sebastian Schmitt (Real Estate, Frankfurt), partner Dr. Uwe Schimmelschmidt (Tax, Frankfurt), counsel Dr. Dominik Thomer (Tax, Düsseldorf), partner Marc Besen and associate Miriam Kammer (both Antitrust, Düsseldorf), as well as partner Joëlle Hauser and senior associate Dr. Tobias Lochen (both Corporate, Luxembourg).