Sonar Real Estate lets space in the Giesing Business Center, Munich

Sonar Real Estate, acting as the asset manager of a Luxembourg-based fund, has let around 830 square metres of office and training space in the "Giesing Business Center", Munich. The property, at Pilgersheimer Strasse 38 / Kühbachstrasse 11, is now almost fully let.

The new occupier of around 830 square metres in the property is the Mediadesign Akademie für Fort- und Weiterbildung gGmbH, a private technical college that is a subsidiary of the Mediadesign Hochschule für Design und Informatik GmbH. Students benefit from the close ties the Mediadesign University has with the media market, with 25 years of experience and more than 40,000 graduates.

Holger Hosang, managing director of Sonar Real Estate, comments: "We are delighted to welcome the Mediadesign Akademie für Fort- und Weiterbildung as a new long-term tenant, further enhancing the already high quality of the tenant mix in the property. The proximity to Munich city centre and good transport links via the nearby 'Kolumbusplatz' and 'Candidplatz' underground stations were particularly important considerations for the letting. I anticipate that the property will be fully let by the end of Q1, providing an optimal cash flow for the fund investors."

The Giesing Business Center was built in 1957, extended in 1990 and extensively refurbished in 2010/11. It provides a total lettable area of around 5,700 square metres, about 70% of which is office space, with 20% retail and around 10% of surgery accommodation. The tenants include Aldi, a dm-market, Socotec and Heinrich Bossert Immobilien. Currently, only 830 square metres of training space on the first floor of the four-storey building is available.

PPR & PARTNER Pape Rauh Rechtsanwälte PartG mbB advised Sonar Real Estate on the letting. Cushman & Wakefield brokered the deal.