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Custom House Capital moves into Munich

Global property consultants Knight Frank Ganly Walters has completed another acquisition deal in the German investment market amounting to over EUR 27 mln worth of investment property on behalf of Irish wealth management company, Custom House Capital (CHC). The deals in Munich follow on from CHC's recent acquisitions France worth EUR 135 mln.

Ian McKee, investment surveyor and divisional director at Knight Frank Ganly Walters, who has advised Custom House Capital on all of its German purchases, said 'Germany is still very popular amongst Irish investors due to the improving market conditions. Munich is currently a city in which Knight Frank Ganly Walters advises investing as the office market there has witnessed a drop in vacancy rates and a slight increase in prime rents'.

Two of the buildings, a shopping centre and an office premises, are located in the chic Grunwald area on the southern edge Munich. The third property, also an office building, is in downtown Munich on the Nymphenburger Strasse. The portfolio has a gross yield of around 5.6%.

Munich is a new location for Knight Frank Ganly Walters to purchase CHC investment property, the previous having been the cities of Hamburg, Bielfeld and Frankfurt.

Henry Cassidy, chief executive of Dublin-based CHC, said the properties 'represent good investment opportunities for our clients. They have been allocated to different funds and add further diversification to well-balanced portfolios.' CHC's French investments enabled it to launch its Prime Property Fund 2 earlier this month, succeeding its Prime Property Fund 1, Ireland's first pan-European Qualifying Investor Fund, launched last year.

©2007 PropertyEU